SK Innovation net falls 21% in 2018 on oil price decline
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SK Innovation, Korea’s largest oil refiner, said Thursday that its earnings sank 21 percent last year on lower oil prices and less demand for petrochemical goods. Net profit reached 1.69 trillion won last year, compared with a profit of 2.15 trillion won a year earlier, the company said in a regulatory filing.
Operating income dropped 34.2 percent year-on-year to reach 2.12 trillion won, while sales spiked 18.1 percent to 54.5 trillion won over the cited period.
Questions & Answers
Q.What was SK Innovation's net profit in 2018?
What was SK Innovation's net profit in 2018?
SK Innovation's net profit reached 1.69 trillion won last year. This figure represents a 21 percent decrease compared to the previous year's profit of 2.15 trillion won, as reported in their regulatory filing.
Q.What caused the decline in SK Innovation's earnings?
What caused the decline in SK Innovation's earnings?
The company attributed its 21 percent drop in earnings to lower oil prices experienced last year. Also, reduced demand for petrochemical goods also contributed to the decline in their financial performance.
Q.Did SK Innovation's sales also fall in 2018?
Did SK Innovation's sales also fall in 2018?
No, SK Innovation's sales actually increased by 18.1 percent in 2018, reaching 54.5 trillion won. Despite this rise in sales, the company's net profit and operating income both saw significant declines.
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