Seoul: SK bioscience Co. (SKBS) on Wednesday reported a first-quarter net loss of 36.2 billion won (US$24.9 million), remaining in the red compared with a year ago.

According to Yonhap News Agency, the biotech arm of South Korea's SK Group disclosed in a regulatory filing that it continued to incur an operating loss of 44.5 billion won for the January-March period. This marks a significant increase from the 15.1 billion won loss recorded in the same period last year.

Despite the ongoing financial challenges, SK bioscience experienced a 9.1 percent increase in sales, reaching 168.6 billion won. This rise in sales suggests some positive developments within its operational strategies, although the company has yet to translate these into profitability.