Seoul: L and F Co. on Wednesday reported its first-quarter net loss of 111.3 billion won (US$78.3 million), remaining in the red compared with a year ago. The company revealed in a regulatory filing that it continued to experience an operating loss of 140.3 billion won for the January-March period, compared with a loss of 203.9 billion won a year earlier. Additionally, sales fell 42.6 percent to 364.8 billion won.

According to Yonhap News Agency, the operating loss was 78.1 percent higher than the average estimate, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. Despite the reduced operating loss compared to the previous year, the company still faced significant challenges in improving its financial standing.