Home / Knowledge / News / Textiles / S-Oil's net profit nosedives 82.6% in Q1
S-Oil's net profit nosedives 82.6% in Q1
29
Apr '14
S-Oil Corp, which operates the oil refinery facility and other facilities that can produce petrochemicals and lube base oil in the Onsan Refinery in Ulsan, South Korea, has said that its net profit decreased by a sharp 82.6 percent in the first quarter of 2014 compared to a year ago period, reports Yonhap News Agency.
 
The significant fall in net profit was due to lower cracking margin and a decline in paraxylene (PX) spread, the report said.
 
In January-March 2014 period, S-Oil’s net income stood at 25.59 billion won (US$ 24.7 million), as against the net income of 147.45 billion won during the same period last year, the company said in a regulatory filing.
 
The company’s sales dipped 5.1 percent to 7.6 trillion won during the three-month period, while its operating profit tumbled 85.5 percent to 47.24 billion won.
 
The spread between PX, a raw material used for making polyester, and naphtha decreased to $325 per ton in the first quarter of 2014, compared to $649 per ton in the first quarter of last year.
 
However, the company expects its second-quarter earnings to improve, as there is a rise in demand for PX.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 30th Mar 2017

India Inc should work for July 1 GST roll out: Fin sec

The Goods and Services Tax (GST) will take India into a very exciting ...

Textiles | On 30th Mar 2017

Lok Sabha approves 4 supplementary GST legislations

The Lok Sabha has approved four supplementary Goods and Services Tax...

Courtesy: ShopKeep

Information Technology | On 30th Mar 2017

Shopkeep partners with software provider BigCommerce

ShopKeep, the cloud-based technology solution that transforms an iPad ...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search