SK Innovation’s net profit down 45% in Q1
[THE INVESTOR] SK Innovation, Korea’s top oil refiner, said on May 15 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 (US$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 1,072.30 won in the first quarter from 1,154.30 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.
By Song Seung-hyun and newswires (firstname.lastname@example.org)