SK Innovation records superb Q2

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SK Innovation records superb Q2

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Thanks to a rise in global crude price especially in early June, SK Innovation, the energy company of SK Group, saw its performance improve significantly in the second quarter of this year.

In fact, the company’s operating profit between April and June this year was its second largest after the first quarter of 2011.

According to SK Innovation on Friday, the company’s revenue grew 8.7 percent in the second quarter compared to a quarter earlier to 10.3 trillion won ($9.05 billion).

Operating profit saw a sharper improvement as it surged 32.5 percent to 1.12 trillion won.

When compared to the same period last year, however, revenue plummeted 20.9 percent. But operating profit grew 12 percent year-on-year.

The record operating profit in the first three months of 2011 was 1.36 trillion won.

“Second quarter revenue rose as strong oil prices have pushed up product prices,” SK Innovation said in a statement released Friday. “The rise in the operating profit mainly reflected robust market conditions for the non-refining business and inventory-related gains in line with strong oil prices.”

In fact, compared to the first quarter, petroleum revenue and operating profit both grew sharply. Revenue was up 11 percent, although it dropped 21 percent year-on-year, to 7.44 trillion won, while operating profit surged 43.7 percent compared to the first three months while it retreated 6.6 percent compared to a year ago.

The petroleum sector accounts for the largest contribution to SK Innovation revenues, 72 percent.

Operating profit of the petrochemical business did better even though revenue shrunk due to regular repairs of plants. Petrochemicals’ revenue dipped 1 percent from the previous quarter to nearly 2 trillion won. When compared to a year ago, it tumbled 24.7 percent.

Operating profit, however amounted to 302.7 billion won, which is the company’s biggest quarterly operating profits for the sector. That was not only up 34.9 percent compared to the first quarter, but also up 24.6 percent on year.


BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]
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