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S-Oil net profit more than doubled in fourth quarter

Jan 30,2018

S-Oil, the No. 3 oil refiner in Korea by sales, said Monday its net profit more than doubled in the fourth quarter of 2017 from a year earlier on strong refining margins.

Net profit for the October-December period jumped to 451.6 billion won ($422 million) from 156 billion won tallied for the last three months of 2016, the company said in a regulatory filing.

For the whole of 2017, net profit increased 8.8 percent to 1.31 trillion won from 1.2 trillion won in the previous year.

The company’s operating profit, on the other hand, fell 9.5 percent to 1.46 trillion won last year from 1.61 trillion won as the won’s strength against the dollar affected its bottom line. Sales rose 28 percent on-year to 20.89 trillion won. [YONHAP]