SEOUL, Jan 28 : SK Innovation Co Ltd, owner of South Korea’s top refiner SK Energy, on Wednesday posted an operating profit of 337 billion won ($235 million) for the October-December period, according to Reuters calculations.
That compared with a profit of 160 billion won a year earlier and a 351 billion won forecast by LSEG SmartEstimate.
Analysts estimated that solid refining margins and a weaker won had supported its quarterly results, but noted that operating losses at its battery unit, SK On, likely widened due to a slowdown in electric vehicle battery sales in the U.S. following the end of subsidies for battery-powered vehicles.
Peer S-Oil Corp, whose main shareholder is Saudi Aramco, said on Monday that it had logged a 91 per cent surge in fourth-quarter operating profit and expected first-quarter refining margins to remain robust due to steady demand, supply disruptions and the planned closure of a U.S. refinery.
SK Innovation is scheduled to disclose details of its fourth-quarter earnings results later on Wednesday.
($1 = 1,434.0600 won)
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