This undated file photo shows SK Innovation Co.’s Ulsan Complex (CLX), 305 kilometers southeast of Seoul. (Image courtesy of Yonhap)
SEOUL, April 30 (Korea Bizwire) — SK Innovation Co., South Korea’s leading refiner, said Wednesday its net loss widened in the first quarter from a year earlier despite a sharp increase in sales, due to falling oil prices and declining refining margins.
Net loss deepened to 125.6 billion won (US$88.4 million) in the three months ended in March, compared with 97.6 billion won in the same period last year, the company said in a regulatory filing.
“Falling oil prices and lower refining margins cut into the bottom line, despite improved battery sales at its battery affiliate and the inclusion of earnings from the merged firm SK E&S Co.,” a company spokesperson said.
The company posted an operating loss of 44.6 billion won for the first quarter, shifting from an operating profit of 624.7 billion won a year ago.
Sales rose 12.2 percent to 21.14 trillion won, up from 18.86 trillion won during the same period.
(Yonhap)
