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Biz News Korea(Eng)
SK Innovation expected to hit record annual OP in 2017
- Collected
- 2017.11.05
- Distributed
- 2017.11.06
- Source
- Go Direct
SK Innovation Co., South Korea’s leading oil refiner, is expected to turn out its highest-ever performance this year after its operating profit last year broke the 3 trillion won ($2.7 billion) milestone for the first time in the Korean refinery and chemical market.
The bellwether in the refinery business SK Innovation’s operating profit was 963.6 billion won in the third quarter ended September, more than doubled from a year ago. Its cumulative operating profit from January to September reached 2.389 trillion won. After it posted the latest regulatory filing for the third quarter, market analysts expected the company’s operating profit this year would reach to 3.245 trillion won.
“Riding on robust sales in the refinery business, the company’s earnings outlook for the next quarter is also upbeat,” said Han Seung-jae, a researcher at DB Financial Investment Co. On top of the brisk refinery and chemical businesses, its prospective non-oil business such as electric car batteries would help the company report an annual operating profit of amounting to 4 trillion won within a few years, the industry expected.
SK Innovation’s operating profit next year is estimated to reach 3.6 trillion won, and it would clinch 10 trillion won worth of orders for electric vehicle batteries by 2020, Hwang Kyu-won, a researcher at Yuanta Securities Korea Co. said.
The bellwether in the refinery business SK Innovation’s operating profit was 963.6 billion won in the third quarter ended September, more than doubled from a year ago. Its cumulative operating profit from January to September reached 2.389 trillion won. After it posted the latest regulatory filing for the third quarter, market analysts expected the company’s operating profit this year would reach to 3.245 trillion won.
“Riding on robust sales in the refinery business, the company’s earnings outlook for the next quarter is also upbeat,” said Han Seung-jae, a researcher at DB Financial Investment Co. On top of the brisk refinery and chemical businesses, its prospective non-oil business such as electric car batteries would help the company report an annual operating profit of amounting to 4 trillion won within a few years, the industry expected.
SK Innovation’s operating profit next year is estimated to reach 3.6 trillion won, and it would clinch 10 trillion won worth of orders for electric vehicle batteries by 2020, Hwang Kyu-won, a researcher at Yuanta Securities Korea Co. said.
By Lee Jae-cheol and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]