Samyoung M-Tech Reports Net Loss of 10.5 Billion KRW Last Year, Turning to Deficit

[Asia Economy Reporter Ji Yeon-jin] Samyoung M-Tech announced on the 14th that its consolidated sales for last year amounted to 69.8 billion KRW, a 2.7% increase compared to the previous year.

During this period, operating profit decreased by 4.6% to 800 million KRW, and net loss turned to 10.5 billion KRW.

The company stated, "Although sales slightly increased due to improvement in the upstream industry's business conditions, operating profit declined due to rising costs such as a sharp increase in raw material prices," adding, "Net profit decreased due to the recognition of impairment losses on investment securities of subsidiaries."