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Samsung SDI's loss widens to over 700 bln won in Q1

All News 16:59 April 28, 2016

SEOUL, April 28 (Yonhap) -- Samsung SDI Co. said Thursday it posted 703 billion won (US$ 614 million) in operating loss in the first quarter this year.

Its total revenue, however, grew 7.6 percent on-year to 1.3 trillion won during the period, the battery-making arm of Samsung Group said in a regulatory filing.

Its operating loss represents a 2,007-percent and 452-percent increase from a year and a quarter earlier, respectively.

The firm said the larger operating loss was mainly attributable to 1.1 trillion won in one-off costs reflected on the balance sheet for self-restructuring measures and asset damages in the automotive battery business.

If the extra costs are excluded, its operating loss amounts to around 50 billion won, similar to market forecasts.

Its flagship small-sized lithium ion battery sector continued to fare relatively well in the first three months of 2016.

"We expect the reflection of the one-off costs to serve as a chance for strengthening the competitiveness of the battery business," the company said in a press release.

Samsung SDI aims to attain $10 billion in battery sales by 2020, it added.

lcd@yna.co.kr
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