South Korean materials maker SKC reported a deeper operating loss of 276.8 billion won ($208 million) for 2023, even as sales rose 15% to 1.72 trillion won ($1.29 billion).
The semiconductor materials unit showed promise after restructuring, with its test socket subsidiary ISC delivering 320% growth in operating profit. The company’s copper foil division, SK Nexilis, focused on ramping up its cost-competitive Malaysian facility and securing new contracts in Greater China.
SKC’s glass substrate venture in Georgia, the first of its kind globally, gained momentum after receiving U.S. semiconductor subsidies. The company expects multiple big tech clients to complete product certification this year.
Looking ahead, SKC plans to double copper foil sales volumes compared to last year, banking on increased orders from Chinese customers and gradual utilization improvements at its Malaysia plant. The company is also preparing to launch its biodegradable materials business, with a 70,000-ton annual capacity PBAT facility in Vietnam scheduled for completion in late 2024.
SKC executives acknowledged that the pace of recovery fell short of expectations due to sluggish market conditions, but emphasized their focus on strengthening core businesses and commercializing new ventures to drive a turnaround.
