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S-Oil's net profit nosedives 82.6% in Q1
29 Apr '14
1 min read
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
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