Yutech, Eco Energy Business Suspension of Operations

[Asia Economy Reporter Minji Lee] Yutech announced on the 24th that it has decided to suspend operations in the eco-energy business sector, which involves retail fuel sales and waste oil refining. The suspension amount is approximately 10 billion KRW.

The company stated, "The corporate financial structure has deteriorated due to accumulated deficits," and added, "Although sales are expected to decline, profitability is anticipated to improve in the future through the liquidation of loss-making businesses and the leasing and sale of idle assets."