SK Energy's net income rises 36% in Q3

SK Energy Co., South Korea’s largest refiner, said that its earnings rose 36% in the third quarter from a year earlier, helped by a stronger won and gains from equity investments. Net income came to 343.8 billion won (US$307.16 million) in the July-September period, compared to 252.4 billion won (US$225.5 million) a year ago, SK Energy said in a statement. Sales rose 11% year-on-year to 10.17 trillion won (US$9.1 billion) in the period while operating profits rose nearly fourfold to 325 billion won (US$290.36 million). SK Energy attributed the strong earnings to gains from its equity investments in units like SK Lubricants and the South Korean won’s gain against the U.S. dollar, which cut debts denominated in foreign currency. (October 22, 2010)