Seoul: POSCO Future M, the battery materials unit of South Korean steelmaker POSCO Holdings Inc., reported a fourth-quarter net loss of 23.3 billion won (US$16.3 million), maintaining its position in the red as compared to the previous year. The financial results, unveiled on Thursday, highlight the ongoing challenges faced by the company.

According to Yonhap News Agency, the company disclosed in a regulatory filing that it sustained an operating loss of 51.8 billion won during the October-December period. This is a significant increase from the 41.3 billion won loss recorded in the same quarter of the previous year. Additionally, the company's sales experienced a decline of 22.9 percent, amounting to 557.6 billion won.

The reported loss exceeded expectations, being 49.9 percent higher than the average estimate from a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. The figures underscore the ongoing financial hurdles that POSCO Future M is navigating in its operations.