April 19, 2024

• 

[THE INVESTOR] S-Oil, the No. 3 oil refiner in Korea, said on April 25 its first-quarter net profit fell 51.9 percent from a year earlier due mainly to maintenance work conducted on its plants.

Net profit reached 189.3 billion won (US$176 million) in the January-March period, compared with earnings of 393.9 billion won a year earlier, the company said in a regulatory filing.

Sales rose 4.1 percent on-year to reach 5.41 trillion won in the first quarter, while the company logged an operating income of 255.5 billion won, compared with an operating profit of 333.5 billion won a year earlier.

The company said its refining business generated an operating income of 90.4 billion won in the first quarter on sales of 4.34 trillion won.

The company’s petrochemicals unit posted an operating income of 81 billion won in the first quarter.

S-Oil said it expects to enjoy solid cracking margins in the second quarter on the back of rising demand from Asia and regular maintenance work in the spring by refiners in the region.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)