SKC Co., a South Korean maker of chemicals and film products, said Friday that its net profit nearly tripled in the first quarter from a year earlier due to a stake sale.

For the January-March period, SKC posted a net profit of 86.1 billion won ($70.5 million), a sharp increase from a profit of 23 billion a year earlier.

SKC said the sale of its stake in SKC Kolon PI Inc., a maker of polyimide film used in displays, semiconductors and electric vehicles, boosted the company's bottom line.

In February, a special purpose company set up by Glenwood PE, a local private equity fund, bought SKC Kolon PI -- a joint venture between SKC and Kolon Industries.

Operating profit fell 24.3 percent on-year to 27.4 billion won, but sales rose 9.5 percent to 661 billion won in the first quarter.

Shares in SKC rose 1 percent to 50,600 won, roughly in line with the broader KOSPI's 0.89 percent gain. (Yonhap)