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Biz News Korea(Eng)
S-Oil hit all-time H1 high in operating profit
- Collected
- 2016.07.26
- Distributed
- 2016.07.27
- Source
- Go Direct
The petroleum and refinery company announced on Monday that it posted 445.2 billion won ($392 million) in net income in the second quarter ended in June on a consolidated basis, up 3.8 percent from a year earlier. Operating profit rose 6.1 percent on year to 642.9 billion won, and combined with its stellar performance in the first quarter, the company’s operating profit in the first six months of this year reached 1.13 trillion won, the largest ever for the first half. But its sales in the second quarter skid 18.4 percent to 4.2 trillion won.
Despite deteriorating refinement margin, which is the difference between the price of crude oil and petroleum products, the company could report better-than-expected profits thanks to the company’s efforts to improve fabrication process and operation efficiency, according to the company. Operating profit margin also hit a record high of 15.3 percent.
By business, the oil refining business recorded 378.4 billion won in operating profit, the petrochemical business with 140.0 billion won and the lube base oil business with 128.0 billion won.
On Tuesday, S-Oil shares closed down 1.8 percent, or 1,400 won, at 75,900 won from the previous.
By Lee Yong-gun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]