SK Group headquarters in Jongno District, Seoul / Korea Occasions file
SK Innovation mentioned Monday it shifted to a web loss within the third quarter from a yr earlier due primarily to decreased refining margins.
Within the three months to September, Korea’s main refiner shifted to a web lack of 588.1 billion received ($428.86 million) from a web revenue of 729.6 billion received a yr in the past, the corporate mentioned in a regulatory submitting.
“The mainstay petrochemical enterprise posted losses (within the third quarter) as issues over a world financial slowdown and decrease demand from China drove down oil costs and refining margins,” an organization spokesperson mentioned.
Decrease demand for electrical automobile batteries additionally weighed on the quarterly outcomes, he mentioned.
SK Innovation holds an 89.52 % stake in SK On, the nation’s third-largest automotive battery maker.
It additionally swung to an working lack of 423.3 billion received within the September quarter from an working revenue of 1.56 trillion received a yr in the past. Gross sales fell 11.2 % to 17.65 trillion received from 19.89 trillion received over the cited interval, the submitting mentioned.
The corporate anticipated refining margins to enhance within the fourth quarter on eased issues over an financial downturn and rising battery demand for brand spanking new 2025 fashions.
From January to September, the refiner shifted to a web lack of 1.33 trillion received from a web revenue of 557.22 billion received throughout the identical interval of final yr.
Working revenue plunged 92 % to 155.56 billion received within the first 9 months from 1.83 trillion received a yr in the past. Gross sales had been down 4.2 % to 55.31 trillion received from 57.76 trillion received. (Yonhap)
