South Korea’s S-Oil swings to a net profit in Q3
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.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- PP and PE markets set to rebound from two-year lows in Europe
- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets