SK Innovation Q1 profit down 45% due to oil prices

Home > Business > Industry

print dictionary print

SK Innovation Q1 profit down 45% due to oil prices

SK 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.


Yonhap

More in Industry

Hanbok housework

Shutting up shop

No sale

Spending billions in U.S. may be good move for Samsung

Bank elsewhere

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now