S-Oil’s first quarter operating profit down 80% year-on-year

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S-Oil’s first quarter operating profit down 80% year-on-year

S-Oil, Korea’s third-largest refiner, posted a poor first-quarter performance after its operating profit dropped more than 80 percent compared to a year ago.

The company said in a regulatory filing that it had 47.2 billion won ($45 million) of operating profit in the first three months, down 85.5 percent from a year earlier. Sales also fell 5.1 percent to 7.60 trillion won in the same period. Net profit tumbled 82.6 percent to 25.59 billion won.

S-Oil blamed lower refinery margins and a drop in the price of paraxylene spread.
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