SK Innovation's net profit falls in first quarter

Korea’s top refiner, SK Innovation Co., announced that its first-quarter earnings fell sharply from a year earlier to KRW658.4 billion (US$580.6 million), down by 27.6% from KRW909 billion (US$772 million) a year earlier. Sales spiked to an all-time quarterly high of KRW18.8 trillion (US$15.96 billion), a 10.4 % increase year-on-year, but operating profit dropped by 22.3% to KRW925.7 billion (US$786.2 million). SK Innovation said the sluggish economic conditions around the world resulted in an overall weakness in the chemical sector. The company and its subsidiaries, namely SK Energy Co., SK Global Chemical Co. and SK Lubricants Co., have set a goal of KRW75.5 trillion (US$64.1 billion) in sales this year. (April 27, 2012)