SK plasma's contract to supply blood products to Singapore was dramatically reduced in size in a day.

The mishap, which the company attributed to a misinformed down payment unit and contract period, will likely deal a blow to the corporate image, industry watchers said.

SK plasma, an affiliate of the SK Group, said Wednesday that it had recently obtained approval from the Singapore Health Services Authority (HSA) for its blood products (albumin and immunoglobulin) and had entered into their full-scale production this month.

The company added that it would have exclusive rights to supply blood products worth $30 million (39.5 billion won) to Singapore for six years.

SK plasma stressed the blood product supply contract recognized its superior technology.

“This is the first exclusive blood product processing export to an EU GMP-level country, and the recognition of SK plasma's technology," CEO Kim Seung-joo said. “We plan to continue to expand our global business based on this achievement."

The following day, however, SK plasma corrected the supply agreement, stating that the down payment was 30 million in Singapore dollars (SGD), not the U.S. dollar (USD).

Based on the exchange rate of Thursday, 1 Singapore dollar was equivalent to 0.74 U.S. dollar, which translates to about 29.2 billion won, about 10 billion won less than the company originally announced.

SK plasma has also corrected the contract period.

It clarified that the contract could be extended for another three years if the subcontracting of blood products is successfully performed for three years. If the contract is not extended depending on the performance of the contract, SK plasma may receive less than the total contract amount.

Although it is still a privately held company with no disclosure obligations, SK plasma will unlikely be able to avoid criticism for distributing incorrect information and causing market confusion, observers said.

Investors will watch whether SK plasma, which has recently stepped up its advance to overseas markets by, for instance, building a factory in Indonesia, can restore its corporate image and show substantive export performance, they added.