Shinil Electronics posted an operating loss of 247 million won in the first quarter of this year.
Shinil Electronics disclosed on the 15th that first-quarter sales came to 33.381 billion won with an operating loss of 247 million won.
Sales rose 5.2% from the same period a year earlier (31.723 billion won), and the operating loss narrowed. But the net loss widened to 949 million won from 835 million won a year earlier. The reason was that first-quarter financial expense jumped 2.8 times to 1.538 billion won from 549 million won a year earlier.
Shinil Electronics has a high ratio of imports of China original equipment manufacturer (OEM) products. First-quarter merchandise sales were 28.553 billion won, accounting for 85.5% of the total. Its business structure centered on seasonal home appliances made the first quarter an off-season, which also weighed on results.