Home / Knowledge / News / Textiles / SK Energy achieves solid overall performance in Q1
SK Energy achieves solid overall performance in Q1
24
Apr '09
SK Energy, Korea's leading energy provider, announced 1st quarter earnings results for 2009. 1st quarter revenue decreased by 14% to KRW 8,105.3 billion from the same period 2008, while operating profit and net income increased by 62% and 2% year-over-year (YoY) to stand at KRW 645.8 billion and KRW 247 billion respectively.

Revenue for the 1st quarter declined by 14% YoY as overall product prices decreased due to lower crude oil price.
SK Energy's operating profit jumped by 62% YoY, based on strong performance and operational excellence. Other factors such as additional petroleum export volume, propelled by the full operation of the No.2 RFCC, higher daily production volume of Exploration and Production (E&P), and the strong U.S dollar versus the Korean Won have attributed to boost the operating profit.

The quarter's net income increased by 2% YoY, due to the significant increase in operating profit in spite of increase in net foreign exchange losses by continued Korean Won depreciation in the 1st quarter.

Mr. Joon-Sung Choi, Head of Investor Relations and Controller at SK Energy, said, “Amid continued concerns of a volatile business environment and global economic slowdown, SK Energy achieved solid overall performance in the 1st quarter mainly due to the successful export drive in petroleum and petrochemical businesses.” He added, “We expect 2nd quarter market conditions to continue to be challenging. However, SK Energy is committed to strengthening the fundamental competitiveness of each business sector, and continuing its global expansion drive to diversify export markets.”

Petrochemical
• 1st quarter revenue of the petrochemical business decreased by 17% YoY to KRW 1,807.3 billion while its operating profit sharply increased by 345% YoY to KRW 129.4 billion.
• Key factors contributing to the favorable petrochemical operating profit include rising demand from China following the government's new economic stimulus package, the faster-than-expected rebound in market condition for Olefin/Aromatics, and favorable foreign exchange rates.
• SK Energy forecasts the petrochemical business will maintain consistent performance in the 2nd quarter based on the continued recovery of Chinese demand and delays of some new projects in the petrochemical industry.

Founded in 1962 as Korea's first oil refiner, SK Energy (a newly formed entity of the former SK Corporation) is one of the world's leading energy and petrochemical companies with nearly 5,600 employees, KRW 45.74 trillion in sales, overseas branch offices and subsidiaries in 19 countries as of the end of year 2008.

SK Energy

Must ReadView All

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Sunil Rathore
Lacoste India

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

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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
February 2017

February 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