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SK Innovation achieves healthy growth during Q4 2010

20
Jan '11
SK Innovation, Korea's leading energy provider, announced the 4th quarter and full fiscal year earnings results of 2010. The 4th quarter revenue and operating profit increased to KRW 12,196.0 billion and KRW 443.2 billion, respectively. Its net income turned to profit side of KRW 211.8 compared to the same period in 2009. The growth resulted from the higher oil prices and improved refining margins during the quarter.

During the Fiscal Year 2010, SK Innovation's revenue, operating profit and net income rose by 22%, 88% and 82% YoY, to KRW 43,867.5 billion, KRW 1,706.8 billion, and KRW 1,236.3 billion respectively.

The company, however, posted non-operation loss of KRW 176.3 billion, largely due to foreign exchange related loss and hedging loss from strong product margin. SK Innovation's quarterly equity method earnings from its subsidiaries marked KRW 98.3 billion.
The company's financial structure continued to improve during the fiscal year. Its debt-to-equity ratio and net debt ratio at the end of 2010 decreased by 38% points and 14% points YoY, to 142% and 58.2% respectively.

Mr. Jin Seok Cha, Chief Financial Officer at SK Innovation, said, “SK Innovation achieved healthy growth during the 4th quarter and the fiscal year 2010, spearheaded by strong performance of petroleum business and solid growth of E&P business.” He added, “We forecast continued strong performance in the fiscal year 2011 driven by favorable business outlook from further global economic recovery and positive effects of the spin-off, which took place at the beginning of this year”

Petrochemical

• Petrochemical business posted KRW 3,301.0 billion in revenue, 28% YoY increase, and operating profit of KRW 8.7 billion, 86% YoY decreased, for the 4th quarter.
• The business's weak profitability for the quarter resulted from increased feed stock Naphtha price, which adversely affected product spreads. Non-recurring costs from the regular facility maintenance, incurred at the end of the year, also reduced the operating profit.
• SK Innovation forecasts better market condition in 2011 as cracker expansion is expected to be limited while solid demand from China will continue based on better economic outlook.

Founded in 1962 as the Korea's first oil refiner, SK Innovation, formerly called SK Energy, is one of the world's leading energy and petrochemical companies with nearly 5,600 employees. It posted KRW 43.9 trillion in sales in 2010.

SK Innovation


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