SK Innovation's Q1 Net up 52 Percent on Petrochemical Business | Be Korea-savvy

SK Innovation’s Q1 Net up 52 Percent on Petrochemical Business

(image: Yonhap)

(image: Yonhap)

SEOUL, April 25 (Korea Bizwire) – SK Innovation Co., South Korea’s top oil refiner, on Tuesday said its first-quarter earnings surged from a year earlier, thanks to better-than-expected results from its petrochemical business. 

Net profit stood at 859 billion won (US$757 million) on a consolidated basis in the first quarter of the year, compared with a profit of 566 billion won a year earlier, the company said in a regulatory filing. 

Operating income surged 18.9 percent on-year to reach 1 trillion won, with sales jumping 20.3 percent to 11.39 trillion won over the cited period. 

SK Innovation cited the good performance of its petrochemical units and increased refining margins as the reason behind its improved bottom line. 

Its non-refining business generated decent earnings. Its affiliates such as SK Global Chemical Co. posted good performance, SK Innovation said.

SK Innovation was changing hands at 169,500 won on the Seoul bourse as of 9:30 a.m., up 3.04 percent from the previous session’s close, as investors locked in recent gains, while the benchmark index, the KOSPI, gained 0.1 percent.


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