This undated image exhibits S-Oil’s manufacturing facility in Ulsan. Korea Instances file
S-Oil, Korea’s third-largest refiner by gross sales, mentioned Monday it shifted to a web loss within the third quarter from a yr earlier resulting from low refining margins and a weak received.
S-Oil swung to a web lack of 206.2 billion received ($150.5 million) within the three months to September from a web revenue of 545.4 billion received within the year-ago interval, the corporate mentioned in a regulatory submitting.
“Decreased refining margins and the received’s weak spot (towards the greenback) ate away on the quarterly backside line,” an organization spokesperson mentioned over the cellphone.
The greenback rose to a median of 1,359.38 received within the September quarter from 1,310.95 received a yr in the past, in line with information from the Financial institution of Korea. A weak received drives up importers’ buying prices.
The corporate additionally swung to an working lack of 414.9 billion received within the third quarter from an working revenue of 858.8 billion received a yr in the past. Gross sales fell 1.8 % to eight.84 trillion received from 8.99 trillion received over the cited interval.
From January to September, S-Oil shifted to a web lack of 61.3 billion received from a web revenue of 788.3 billion received throughout the identical interval of final yr.
Saudi Arabia’s state-controlled Aramco holds a 63.4 % stake in S-Oil. (Yonhap)
