Seoul:Kumho Petrochemical Co. announced a net loss of 22 billion won (US$16.2 million) for the third quarter, a significant reversal from the 106.9 billion won profit recorded in the same period last year.

According to Yonhap News Agency, the company, which is involved in the production of synthetic resins, specialty chemicals, and nanocarbons, reported an operating loss of 20.8 billion won for the July-September period. This contrasts with an operating profit of 84.4 billion won in the previous year. Despite these losses, the company's revenue increased by 16.9 percent, reaching 1.92 trillion won.