South Korea’s S-Oil swings to a net profit in Q3

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.