ID :
197972
Fri, 07/29/2011 - 06:19
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Shortlink :
https://oananews.org//node/197972
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SK Innovation logs 29 pct drop in Q2 net
(LEAD)SEOUL, July 29 (Yonhap) -- SK Innovation Co., South Korea's top refiner, said Friday that its net profit dropped 29 percent in the second quarter from a year earlier due to cuts in domestic fuel prices.
Net income came to 262.8 billion won (US$249.5 million) in the April-June period, compared with 369.4 billion won during the same period a year ago, said SK Innovation in a regulatory filing.
Sales, however, rose 19.8 percent on-year to 17.18 trillion won in the three-month period, while operating profit fell 31.8 percent to 451.3 billion won.
The figures include performances from SK Innovation and its subsidiaries at home and abroad, said the company.
Shares of SK Innovation fell 1.8 percent to 218,500 won as of 10:35 a.m. on the Seoul bourse.
SK Innovation said that the bottom-line drop was attributable to deteriorating refining margins caused by a temporary price cut.
The nation's four major refineries, including SK Innovation, lowered their prices of gasoline and diesel by 100 won per liter between April and June in line with the government's efforts to ease rising inflation in Asia's fourth-largest economy.
"Our refining division posted record exports in the second quarter, and other businesses such as lubricants continued to grow," said SK Innovation in a statement. "We will strengthen competitiveness in our businesses including a renewable energy sector to satisfy investors."
Net income came to 262.8 billion won (US$249.5 million) in the April-June period, compared with 369.4 billion won during the same period a year ago, said SK Innovation in a regulatory filing.
Sales, however, rose 19.8 percent on-year to 17.18 trillion won in the three-month period, while operating profit fell 31.8 percent to 451.3 billion won.
The figures include performances from SK Innovation and its subsidiaries at home and abroad, said the company.
Shares of SK Innovation fell 1.8 percent to 218,500 won as of 10:35 a.m. on the Seoul bourse.
SK Innovation said that the bottom-line drop was attributable to deteriorating refining margins caused by a temporary price cut.
The nation's four major refineries, including SK Innovation, lowered their prices of gasoline and diesel by 100 won per liter between April and June in line with the government's efforts to ease rising inflation in Asia's fourth-largest economy.
"Our refining division posted record exports in the second quarter, and other businesses such as lubricants continued to grow," said SK Innovation in a statement. "We will strengthen competitiveness in our businesses including a renewable energy sector to satisfy investors."
