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S-Oil’s Q3 OP sinks 82% on quarter due to higher oil prices

Collected: 2016.10.29

Distributed: 2016.10.31

Source: Go Direct

S-Oil Corp. delivered disappointment to the market amid rises in international oil prices that ate into its profitability with its third-quarter operating income plunging 82 percent from the previous three-month period.

The petroleum and refinery company said Thursday in a regulatory filing that it posted an operating profit of 116.2 billion won ($101.5 million) in the third quarter, up 620.1 percent from a year earlier but down 82 percent compared to the previous quarter. It underperformed market estimate of 300 billion won by far. Sales slid 6.5 percent to 4.1 trillion won year on year, whereas net profit reached 171.8 billion won, turning to the black.

By business, the oil refining business registered 123.4 billion won in operating loss on sales of 3.2 trillion won. The petrochemical business raked in 142.2 billion won in operating profit on sales of 628.6 billion won. The lube base oil business posted an operating profit of 97.4 billion won on sales of 321.9 billion won.

S-Oil turned to the black with a net profit of 171.8 billion won helped by non-refining performance - the lube base oil business and petrochemical business, a company official said. Its refining margin worsened due to piling fuel stock amid poor demand and economy at home. International refining margins fell to $2 a barrel in August and recovered to the break-even point of $5 in September.

Shares of S-Oil closed at 80,000 won on Friday, up 0.13 percent, or 100 won, from the previous session.

By Kim Dae-gi

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