S-Oil swings to profits in Q3

S-Oil's headquarter in western Seoul is seen in this file photo. Yonhap

S-Oil, Korea's third-biggest refiner by crude oil input capacity, said Monday it swung to a net profit in the third quarter from a year earlier on improved refining margins.

In the three months ended in September, S-Oil shifted to a net profit of 545.44 billion won ($402 million) from a net loss of 959.3 billion won during the same period of last year, the company said in a statement.

"High oil prices led to improved refining margins, giving a boost to the quarterly bottom line," a company spokesman said.

Moreover, maintenance work at some Asian refiners caused a tight supply in the third quarter. Sales of jet fuel and gasoline jumped due to increased travel demand during the summer holiday season, he said.

Operating profit jumped 68 percent to 858.88 billion won in the third quarter from 511.66 billion won a year ago. But sales fell 19 percent to 8.99 trillion won from 11.12 trillion won during the same period.

From January to September, net income fell 58 percent to 788.33 billion won from 1.87 trillion won in the year-ago period.

Operating profit declined 60 percent to 1.41 trillion won from 3.56 trillion won during the cited period. Sales were down 19 percent to 25.99 trillion won from 31.85 trillion won.

S-Oil is 63.4 percent owned by Aramco, Saudi Arabia's state-run oil giant. (Yonhap)