Seoul: POSCO Future M, the battery materials unit of steel giant POSCO Holdings Inc., on Friday reported a net loss of 35.5 billion won (US$25.6 million) for the second quarter, marking a continuation of financial challenges compared to the same period last year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that it achieved an operating profit of 773 million won for the quarter, a decrease from 2.7 billion won recorded in the previous year. Additionally, the company's sales dropped by 27.8 percent to 660.9 billion won.

The reported loss was 1360.8 percent higher than the average estimate, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.