April 26, 2024

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[THE INVESTOR] SK Innovation said on Nov. 2 its third-quarter earnings shot up 87 percent from a year earlier due to higher oil prices and improved cracking margins.

Net profit stood at 696 billion won (US$625 million) on a consolidated basis in the July-September months, compared with profit of 372 billion won a year earlier, the company said in a regulatory filing.

Operating income more than doubled from a year earlier to reach 964 billion won in the third quarter, with sales rising 17.5 percent to 11.76 trillion won over the cited period.

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

In the first nine months of the year, SK Innovation racked up operating income of 2.39 trillion won on sales of 33.7 trillion won, figures that mark rises of 14.5 percent and 0.4 percent, respectively, from a year earlier.

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