S-Oil’s first quarter operating profit down 80% year-on-yearS-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.
More in Industry
Hyundai Motor is new darling of the stock market
Doosan Tower sells for 800 billion won as financial woes continue
Hyundai E&C wins big rail project contract in Philippines
Spud sundaes and ugly apples as retailers rush to help farmers