April 24, 2024

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[THE INVESTOR] S-Oil, the No. 3 oil refiner in Korea, said on Oct. 30 that its third-quarter profit more than doubled from a year earlier.

Net profit reached 399 billion won (US$355 million) in the July-September period, compared with a profit of 172 billion won a year earlier, the company said in a regulatory filing.

Operating income reached 553 billion won in the third quarter, sharply up from a profit of 116 billion won, with sales spiking 26 percent on-year to reach 5.21 trillion won.

S-Oil said its operating income rose due to higher oil prices, which bolstered refining margins and reduced inventory losses.

The company logged an operating loss of 336 billion won from its refining business, while its chemicals business racked up an operating income of 91 billion won.

Its lubricant unit also reported an operating income of 126 billion won.

During the nine months of the year, S-Oil posted an operating income of 1 trillion won, down 19.6 percent from a year earlier.

Its sales rose 28.2 percent on-year to reach 15.07 trillion won in the January-September period.

Net profit in the January-September period reached 859 billion won, down 18 percent from a year earlier, it said.

By Alex Lee and newswires (alexlee@heraldcorp.com)