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South Korea’s S-Oil posts loss in Q3

by ChemOrbis Editorial Team -
  • 20/10/2015 (11:08)
According to media reports, South Korea’s S-Oil reported a net loss of KRW46.7 billion ($41.3 million) in the third quarter, an improvement over the loss of KRW109 billion ($96.6 million) in the same period of last year. Negative results from the refining business were cited as the main reasons for the loss.

S-Oil’s sales fell 39% from a year earlier to KRW4.43 trillion ($3.92 billion) due to maintenance works while the company swung to an operating profit of KRW12.4 billion ($10.9 million) compared with an operating loss of KRW38.3 billion ($33.9 million) a year earlier.

Meanwhile, the company’s petrochemicals unit posted an operating income of KRW88 billion ($77.9 million) from sales worth around KRW610 billion ($540.5 million).

According to S-Oil, oil demand will improve in the fourth quarter on the back of stronger demand for heating oil from Asia. The company added that they expect that North America and Asia will drive the global oil demand in 2016.
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