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SK Energy achieves solid overall performance in Q1
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.”

• 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

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