SK Energy Q3 net income drops 46%

South Korea’s largest refiner and petrochemical producer SK Energy said net profit in the third quarter of 2009 fell 46% year-on-year to 252.4 billion won (US$212.75 million) mainly due to poor performance at the company’s petroleum business which was hit by weak refining margins. The company’s revenue fell 36% year-on-year to 9.12 trillion won (US$7.69 billion) and operating profit fell 89% to 82 billion won (US$69.12 million). Despite relatively healthy performances by the petrochemical, exploration & production and lubricants businesses, total revenue and profits declined compared with the same period last year, mainly due to the weak performance of the petroleum business, SK Energy said in a statement. (October 28, 2009)