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SK Innovation profit surges on petrochemical success

July 28,2018
SK Innovation said Friday that its second-quarter net profit surged 75.49 percent from a year earlier due to strong performance by its petrochemicals business.

Korea’s top oil refiner posted a net profit of 512.6 billion won on a consolidated basis for the April-June months, compared with 292 billion won a year earlier, the company said in a regulatory filing.

Operating income more than doubled from a year earlier to reach 851.6 billion won in the second quarter, with sales rising 27.48 percent to 13.43 trillion won over the cited period.

The refiner said higher oil prices led to a drop in inventory losses and to growth in its petrochemical business.

Its petrochemical business logged an operating income of 533.4 billion won in the second quarter, up from 520.9 billion won a year earlier.