SK Innovation’s Q4 net earnings fall

Q4 net earnings of South Korea’s top refiner, SK Innovation Co., fell to KRW156.3 billion (US$137.6 million), compared to KRW183.1 billion (US$160.8 million) a year earlier. The drop was attributed to a decrease in the commercial value of the company’s oil development project in Equatorial Guinea, as well as the global economic slowdown. During the October-December period, net profit stood at KRW156.3 billion (US$137 million) compared to KRW183.1 billion (US$160.8 million) in 2010. Sales went up by 23.6% year-on-year and reached KRW16.9 trillion (US$14.8 billion) during the fourth quarter, although profits fell by 18.5% to KRW343.1 billion (US$301 million). Net income for 2011 jumped almost three-fold, reaching KRW3.18 trillion (US$2.78 billion). Sales rose 27.3% year-on-year, to KRW68.37 trillion (US$59.96 billion), and operating income shot up by 50.6% to KRW2.85 trillion (US$2.49 billion). The increase in the annual figures was fueled by the good performances of its subsidiaries. The company said its goal for 2012 is to reach KRW75.5 trillion (US$66.2 billion) in sales. (February 3, 2012)