S-Oil's Q3 profit plunges 56%

S-Oil, South Korea’s third largest refiner, said net profits for the quarter ended September 30 fell 55.5% year-on-year to 66.7 billion won (US$56.7 billion) on poor refining margins and depreciation of the won against the dollar. The company also suffered an operating loss of 70.5 billion won (US$60.49 million) in Q3, compared with an operating profit of 503.8 billion won (US$432.30 million) in the same period a year ago. S-Oil said it expects regional demand to show a 4% sequential growth in the fourth quarter to 15.1 million barrels per day (bpd) from 14.5 million bpd in the third quarter, led by a structural rise in gasoil demand and seasonal demand pick-up of heating oil from South Korea and Japan. (October 22, 2009)