SK Networks takes big loss in stride as a one-time event

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SK Networks takes big loss in stride as a one-time event

SK Networks’ operating profit spiraled down 50 percent to 25 billion won in the first quarter. Revenue fell 3.1 percent to 6.4 trillion won while net profit turned to net loss totaling 172.3 billion won. The company pointed its fingers on the struggling trading business due to a dampened global market.

However, SK Networks stressed that its net loss was a one-time event as its stake in the Brazilian investment company MMX has fallen as it decided not to take part in MMX’s $646 million capital increase that was approved in December last year.

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