South Korea’s S-Oil swings to a net profit in Q3
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, South Korea’s S-Oil posted a net profit of KRW171.8 billion ($150.1 million) in the July-September period. The company saw a loss of KRW44 billion ($38.4 million) in the same period of 2015.
The stronger financial results were attributed to foreign exchange gains. The company’s sales increased 11.1% on a yearly basis to 692,000 barrels/day (b/d) in the third quarter when compared to 623,000 b/d in the same period of last year while sales decreased 1.7% from 704,000 b/d in the previous quarter.
The company’s revenue was down 6.5% on a yearly basis to KRW4.14 trillion ($3.63 billion) in Q3 when compared to KRW4.43 trillion in the same period of the last year due to lower prices.
Meanwhile, the company posted an operating profit of KRW116.2 billion ($101.6 million) in the third quarter, rising rapidly almost seven times from KRW16 billion in the same period of 2015.
The stronger financial results were attributed to foreign exchange gains. The company’s sales increased 11.1% on a yearly basis to 692,000 barrels/day (b/d) in the third quarter when compared to 623,000 b/d in the same period of last year while sales decreased 1.7% from 704,000 b/d in the previous quarter.
The company’s revenue was down 6.5% on a yearly basis to KRW4.14 trillion ($3.63 billion) in Q3 when compared to KRW4.43 trillion in the same period of the last year due to lower prices.
Meanwhile, the company posted an operating profit of KRW116.2 billion ($101.6 million) in the third quarter, rising rapidly almost seven times from KRW16 billion in the same period of 2015.
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