Hanwha Chemical said May 8 its first-quarter net profit plunged 59 percent from a year earlier due to increased oil prices.

Net profit for the January-March period fell to 120 billion won ($125 million) from 293 billion won a year ago, the company said in a statement. 

“In the first quarter of 2018, the company reported hefty margins helped by low oil prices. But oil prices sharply increased from the third quarter, weighing on its earnings results in the second half,” a company spokesman said.

Operating profit declined 43 percent on-year to 98 billion won in the first quarter from 172 billion won, while sales rose 7.7 percent to 2.24 trillion won from 2.08 trillion won during the cited period, it said.

By Ram Garikipati and newswires (ram@heraldcorp.com)