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SK Innovation net profit falls 62 percent in third quarter

Nov 01,2019
SK Innovation said Thursday that its third-quarter net profit tumbled 62 percent from a year earlier on inventory losses.

Net profit stood at 174.2 billion won ($149 million) on a consolidated basis in the July-September period, compared with 459.4 billion won a year earlier.

Operating income plunged 60.5 percent on-year to reach 330 billion won in the third quarter, with sales falling 17.3 percent on-year to 12.3 trillion won over the cited period.

SK Innovation said fluctuating oil prices hit by rising global economic uncertainties like the U.S.-China trade dispute caused inventory losses in its mainstay refining business.