Seoul: S-Oil Corp. has announced a net loss of 44.6 billion won (US$31 million) for the first quarter, marking a significant shift from a profit of 166.2 billion won recorded in the same period the previous year. The company revealed these figures in a regulatory filing on Monday.
According to Yonhap News Agency, S-Oil reported an operating loss of 21.5 billion won for the January-March period, contrasting with an operating profit of 454.1 billion won from the prior year. The company's sales also experienced a decline of 3.4 percent, totaling 8.99 trillion won for the quarter.
The reported loss exceeded expectations, coming in at 182.6 percent higher than the average estimate, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.