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SK Incheon makes 130 mn won operating profit in Q1 2017
May '17
SK Incheon Petrochem, Korea's leading energy and chemical company, is estimated to have made an operating profit of close to 130 billion won ($114.84 million) in the first quarter of this year. The rapidly growing company earned operating profits of 374.5 billion won last year, and it expects its profits for this year to touch the 500 billion won mark.

The strong performance and financial results of SK Incheon Petrochem can be attributed to the rising prices of paraxylene, which is used for producing polyester textile and benzene, according to Korean media reports.

SK Innovation had acquired Incheon Petrochem in 2006 to form SK Incheon Petrochem. The parent company invested close to 1.6 trillion won to increase the annual production capacity of its paraxylene plant to 1.3 million tons to overcome the difficulties it faced in the initial stages. Eventually, paraxylene became popular, resulting in a wide difference between the prices of naphtha raw material and paraxylene products. (KD)

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