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SEOUL, Nov. 3 (Yonhap) — SK IE Technology Co. (SKIET), South Korea’s leading lithium-ion battery separator manufacturer, reported on Friday that its third-quarter net loss increased from the same period in the previous year due to a decline in demand for electric vehicles.
SKIET’s net loss for the three months ending on September 30 was 30.69 billion won (US$23 million), which was more than the 24.95 billion won during the same period in 2019, according to a regulatory filing.
“Decreased demand from EV companies and increased costs in the construction of (the company’s) separator plants in Poland had an adverse effect on the quarterly bottom line,” a company spokesman said.
SKIET has recently finished one of four separator plants in Poland, with the second plant in progress and two others to be built. It currently operates two domestic plants in South Korea, one in China and its first plant in Poland.
The company shifted to an operating profit of 7.88 billion won in the third quarter from an operating loss of 22 billion won a year ago. Sales increased 35 percent to 182.24 billion won from 135.25 billion won during the same period.
SKIET was separated from the country’s leading refiner, SK Innovation Co., in April 2019. SK Innovation holds a 61.2 percent stake in SKIET.
From January to September, the company shifted to a net profit of 8.59 billion won from a net loss of 39.21 billion won in the same period in 2019. It also moved to an operating profit of 5.14 billion won from an operating loss of 41.99 billion won a year ago. Sales rose 17 percent to 477.07 billion won from 408.41 billion won.
This file photo provided by SK IE Technology shows its first lithium-ion battery separator plant in Poland. (PHOTO NOT FOR SALE) (Yonhap)
kyongae.choi@yna.co.kr
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