S Korea’s S-Oil’s net profit down in Q2

According to market sources, S-Oil, third-largest refiner in South Korea, posted its results for Q2. The company’s net profit was down by about 85% to KRW66.9 billion ($59.8 million) in the April-June period compared to KRW443.6 billion ($39.6 million) in the same period of 2016 due to foreign exchange losses.

Sources also reported that the company’s sales decreased by 1.4% on a yearly basis to 694,000 barrels/day in the second quarter and sales were down by 0.9% on a quarterly basis.

The company’s revenue, on the other hand, was up by 11.1% on a yearly basis to KRW4.67 trillion ($4.17 billion) in Q2 when compared to KRW4.2 trillion ($3.7 billion) in the same period of the last year due to higher prices.

Meanwhile, the company’s operating profit plummeted to KRW117.3 billion ($104.8 million) in the second quarter from KRW604.9 billion ($540.8 million) in the previous quarter.