Seoul: SK bioscience Co. on Wednesday reported a net loss of 4.1 billion won (US$2.9 million) for the first quarter, marking its continued presence in the red compared to the same period last year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that it sustained an operating loss of 15.1 billion won during the January-March period. This is an improvement from the 28.1 billion won loss reported a year earlier. Despite these losses, the company experienced a significant increase in sales, which surged by 594 percent to reach 154.6 billion won.

The rise in sales and the narrowed operating loss suggest a potential turnaround for SK bioscience, although the company still faces the challenge of overcoming its net losses. The company's financial performance will be closely monitored in the coming quarters to assess its recovery trajectory.