S-Oil Suffers Earnings Setback in Second Quarter
By Kwanwoo Jun
S-Oil reported an earnings setback in the second quarter on weaker oil demand and narrower refining margins.
The South Korean oil refiner, controlled by Saudi Aramco, reported a net loss of 21.34 billion won, equivalent to $15.4 million, for the quarter ended June, following a net profit of KRW166.20 billion in the prior quarter.
That missed a FactSet-compiled consensus forecast of a KRW6.26 billion net profit for the second quarter.
Revenue increased 22% from a year ago to KRW9.571 trillion for the quarter, and operating profit quadrupled on year to KRW160.65 billion, the company said Friday.
The company said that its petrochemical segment posted a decent profit increase but its flagship oil refining segment was in the red for the quarter.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
July 25, 2024 21:17 ET (01:17 GMT)
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