SK Innovation achieves major turnaround

SK Innovation reported a major turnaround in its third-quarter earnings, attributing it to the recovery of its petroleum business, the company said Friday. According to the firm’s regulatory filing, the energy and chemical firm reported an operating profit of 573.4 billion won ($400 million) between July and September. This is an outstanding rebound from a year earlier, when it reported an operating loss of 423 billion won. The company explained that it has been able to improve its earnings in the petroleum business, driven by rising oil prices and better refining margin. SK Innovation also chalked up 20.53 trillion won in sales, up 16.3 percent, during the same period. “We have improved our operating profit by a huge margin on the solid earnings performance of our cash cow businesses, in areas such as petroleum and liquefied natural gas,” a company official said. However, SK Innovation’s battery business — operated by the firm’s affiliate, SK On — widened its operating loss in the third quarter on sluggish electric vehicle (EV) demand in the United States. SK On reported thiWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times