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Red ink splashed on Q2 operating profit at SK innovation
Aug '14
Operating loss figures were splashed in red in the results for the second-quarter of 2014 ending June 2014 at SK Innovation, South Korea’s foremost and world’s leading energy and petrochemical company.

In the period April to June 2014, SK Innovation reported an operating loss of KRW 50.3 billion, down a massive KRW 445.3 billion from the same period of 2013.

However, the petrochemical business - SK Global Chemical, on revenue of KRW 3,261.1 billion posted an operating profit of KRW 51 billion in the same second-quarter.

SK Innovation said the fall in quarterly operating profit mainly came from a sluggish performance in petroleum business which was a result of an unfavorable foreign exchange rate, and maintenance of No.1 RFCC.

Moreover, it said, continued weak market conditions in aromatic product related chemical industry also has contributed to the fall.

Revenue in the second quarter of 2014 declined 2.1 percent to KRW 16,493.7 billion from the same period a year earlier, which it said was from lower operation rate, due to maintenance of refinery facilities.

SK Global Chemical’s second-quarter operating profit decreased 39.6 percent from the previous quarter on lower aromatics product spread including BTX etc.

SK Innovation said that despite an existing supply burden from a newly operated PX facility, a gradual recovery is expected in aromatics products sector.

It added, “This is primarily due to a projected improvement in downstream demand followed by operating ratio adjustment and improvement in PX facilities, and PTA.”

Fibre2fashion News Desk - India

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