박성하 SK스퀘어 사장 (사진=SK스퀘어)

 

[Alpha Biz=(Chicago) Reporter Paul Lee] SK Square announced on the 15th that it recorded a consolidated operating loss of 639 billion won in the first quarter of this year.

Sales fell 98.7％ year-on-year to 11.2 billion won, with net loss of 523.7 billion won.

SK Square is an investment company launched in November 2021 after a personnel split from SK Telecom, and its consolidated performance reflected the performance of portfolio companies and gains and losses in evaluating the equity method, the company explained.

First of all, SK Square's consolidated sales fell by nearly KRW 1 trillion in the first quarter due to losses in the valuation of SK Hynix's equity method and the sale of its stake in SK Shields.

However, Dreamers Company, which operates the music platform "Flow" among its subsidiaries, saw its sales grow 20.1％ to 69.9 billion won, and its operating profit also turned into a surplus of 300 million won. T-Map Mobility's sales also reached 60.641 billion won, up 66.9％ from the same period last year.

SK Square explained that it has cashable assets of 358.4 billion won as of the first quarter of this year and has secured high borrowing investment capacity with zero borrowings.

In particular, it stressed that KRW 89.4 billion came from dividend income from SK Hynix and that KRW 414.6 billion of the funds secured will come in after the sale of SK Shields.

An additional 450 billion won will be paid within two years of the sale.

SK Square announced on the 12th of this month that it has completed the purchase of 57％ of the estimated treasury stock. Earlier, at this year's shareholders' meeting, the company unveiled its shareholder return policy to temporarily incinerate all of its shares after purchasing 110 billion won worth of treasury stocks by Sept. 29 this year.

It is also considering buying an additional 200 billion won worth of treasury shares and incinerating them when the sale of SK Shielders is completed.

 

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