S-Oil third-quarter performance slips 95.1 percent year-on-year

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S-Oil third-quarter performance slips 95.1 percent year-on-year

S-Oil, the country’s third-biggest refiner, saw its third-quarter performance still tumbling compared to a year ago due to declining margins.

The company said its operating profit for the quarter was only 25.2 billion won ($23.8 million), a 95.1 percent drop from a year ago. Net profit also plunged 55.5 percent year-on-year to 203.1 billion won, while sales slipped 4.4 percent year-on-year to 8.12 trillion won.

S-Oil said reduced refining margins and currency rate changes caused the huge drop in operating profits. The company’s oil business accounts for 82.4 percent of total sales, but it generated a 168.6 billion won operating loss in the July-September period, while the petrochemical and lubricant business turned a profit.

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