[Concall] SK Inno: "S&P Credit Rating Downgrade, Battery Business Profitability Decline Pre-reflected"

View of SK Seorin Building, the headquarters of SK Group in Jongno-gu. Photo by Mun Ho-nam munonam@

SK Innovation explained during the Q1 earnings conference call held on the 29th that "S&P's downgrade of the company's credit rating reflects a preemptive concern over the deteriorating profitability of the battery business amid increased financial burdens due to investments in green businesses such as the battery sector."

They added, "Although market uncertainties remain, the environment is expected to improve with increased AMPC from higher U.S. sales and an expanded new car lineup."

SK Innovation recorded sales of KRW 18.8551 trillion and an operating profit of KRW 624.7 billion in the first quarter.