SK net profit up 66%

SK Energy, formerly SK Corp., said its second-quarter net profit climbed 66%, driven by high refining margins and gains from investments in affiliates. Analysts forecast the company’s exploration and production, or E&P, business will likely contribute significantly to its bottom line for the rest of the year. SK Energy, posted 485.96 billion won (US$521 million) in net profit for the three months ended June 30, up from 293.02 billion won (US$314 million) a year earlier, the company said in a regulatory filing. “Out of SK Energy’s four major businesses – petroleum, petrochemicals, E&P and lubricants – the petroleum division was the biggest contributor to the second-quarter bottom line,” said a company spokesman. (July 24, 2007)