SK’s export income boosts bottom line

South Korea’s SK energy in late April posted contradictory first-quarter results, with sales falling 14.2% to 8.1 trillion won (US$6.44 billion) because of lower crude oil prices, but with operating profit and net profit increasing by 62% and 2%, respectively, to 645.8 billion won (US$513.6 million) and 247 billion won (US$196.44 million). Higher exports boosted the company’s first quarter income, as sales abroad exceeded those at home during the last three quarters of 2008. SK energy sold 4.7 trillion won (US$3.74 billion) overseas in a record first-quarter export outcome, as domestic sales declined by 26%. (May 7, 2009)