SK Energy's second half profit up 21.4%

SK Energy, South Korea’s top oil refiner, said its second-quarter net income rose 21.4% year-on-year to 362.1 billion won (US$306.05 million) due to higher product prices and solid demand in its petroleum business. Sales gained 26.6% year-on-year to 11.30 trillion won (US$9.5 billion), while operating profit soared 227.1% to 580.9 billion won (US$490.1 million), the company said in a regulatory filing. “The strong earnings were driven by higher product prices from the rise in crude oil prices and higher operating rates from the favorable performance of its petroleum business,” the company said in a statement. (July 23, 2010)