SK Innovation net profit falls 62 percent in third quarterSK Innovation said Thursday that its third-quarter net profit tumbled 62 percent from a year earlier on inventory losses.
Net profit stood at 174.2 billion won ($149 million) on a consolidated basis in the July-September period, compared with 459.4 billion won a year earlier.
Operating income plunged 60.5 percent on-year to reach 330 billion won in the third quarter, with sales falling 17.3 percent on-year to 12.3 trillion won over the cited period.
SK Innovation said fluctuating oil prices hit by rising global economic uncertainties like the U.S.-China trade dispute caused inventory losses in its mainstay refining business.
More in Industry
Chaebol heads talk shop at closed-door dinner
I've got two words for you: Biodegradable plastic