SK Innovation Co. (096770.SE) said Friday its consolidated first-quarter net profit fell 28% from a year earlier on inventory asset valuation losses, while higher oil prices led to increased costs at its chemicals business.
SK Innovation, which owns South Korea's No. 1 oil refiner by capacity SK Energy, said in a statement net profit for the January-March period fell to KRW658.4 billion from KRW909 billion.
Operating profit declined 22% to KRW925.7 billion from KRW1.192 trillion. Sales rose 10% to KRW18.85 trillion from KRW17.07 trillion.
-By Min-Jeong Lee, Dow Jones Newswires; 822-3700-1908; email@example.com