(MENAFN) South Korea's top oil refiner SK Innovation Co. said it returned to profit in the second quarter on better refining margins and stock valuation gains, Yonhap News reported.
Consolidated net income came in at USD507.73 million in the April-June period, a turnaround from a USD28.74 million net loss a year ago, the company said in a regulatory filing.
Sales tumbled 21 percent on-year to USD11.24 billion over the cited period, and the company posted an operating profit of USD855.37 million, compared with a USD28.83 million operating loss a year earlier.
The company said cheap oil prices widened cracking margins and spurred demand, while the recent resurgence of oil prices led to inventory valuation gains worth USD17.31 million in the second quarter.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.