SK Innovation Q1 profit down 45% due to oil pricesSK Innovation, a top oil refiner, said Tuesday that its first-quarter net profit plunged 45 percent from a year earlier due to high oil prices and a strong won.
Net profit stood at 472.7 billion won ($442 million) on a consolidated basis in the January-March period, compared with a profit of 859.9 billion won a year earlier, SK Innovation said in a regulatory filing.
The company said high oil prices and a strong won cut into its quarterly bottom line.
The dollar traded at an average of 1,072.3 won in the first quarter from 1,154.3 won a year earlier. A strong won drives down the value of dollar-denominated overseas earnings when converted into the local currency.
SK Innovation said its operating income also fell 29.1 percent on-year to 711.5 billion won in the first quarter.
Sales rose 7 percent on-year to 12.16 trillion won in the first quarter.