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SK Innovation back in black with 1Q operating profit at 321.2 billion won

Whowired News Team  |  press@whowired.com
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승인 2015.04.30  11:46:41
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Korea’s leading energy provider SK Innovation today announced financial results for the first-quarter ended March 31, 2015. Revenue in the first-quarter was KRW 12.045 trillion, down by KRW 4.061 trillion from the previous quarter. The first-quarter revenue fell due to a drop in prices for petroleum products after the oil price plunge in the global market and regular maintenance. 

The first-quarter operating profit stood at KRW 321.2 billion, up by KRW 784.2 billion, quarter-on-quarter. The petroleum business made a remarkable turnaround due to dwindling inventory losses and strong oil refining margins.  

SK Energy, the company’s petroleum business, recorded revenue of KRW 8.985 trillion and an operational profit of KRW 152.6 billion in the first-quarter, up by KRW 738.5 billion quarter-on-quarter. The operating profit is derived from growing demands in major markets such as China and India supported by solid refining margins.
 
SK Innovation’s E&P business recorded revenue of KRW 230.7 billion and an operating loss of KRW 3.6 billion during the first-quarter ended March 31, 2015. SK Global Chemical posted revenue of KRW 2.209 trillion and an operating profit of KRW 115.5 billion in the first-quarter, despite lower spreads for chemical products including ethylene. SK Lubricants posted revenue of KRW 620.1 billion, and an operating profit of KRW 56.7 billion in the first-quarter, a KRW 14.7 billion drop from the previous quarter. 

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