Seoul: Lotte Chemical Corp., the chemical arm of South Korea's retail conglomerate Lotte Group, has reported a substantial net loss of 1.6 trillion won (US$1.1 billion) for the fourth quarter, maintaining its position in the red compared to the previous year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that it sustained an operating loss of 433.9 billion won for the October-December period. This contrasts with a loss of 233.7 billion won recorded in the same period a year earlier. Additionally, sales experienced a decline of 1.7 percent, amounting to 4.7 trillion won.

The reported loss was markedly higher than anticipated, exceeding the average estimate by 536.8 percent, as indicated by a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency.