29 July 2011 10:53 [Source: ICIS news]
Sales, meanwhile, grew 20% year on year to W17,178bn in the April-June period but while operating profit declined by 32% to W451.3bn, SK Innovation said in a report posted on its website.
SK Innovation‘s earnings before interest, tax, depreciation and amortisation (EBITDA) also fell 27% year on year to W583.4bn in the second quarter, the company said.
Compared to the first quarter, SK Innovation’s pre-tax profit slumped 66% in the three months ending June because of weaker margins and sales volume of petrochemical products.
Operating profit declined 62% quarter on quarter, while EBITDA plunged 56%, it said.
Product spreads at SK Global Chemicals - SK Innovation’s petrochemicals division - fell during the second quarter of this year on the back of higher feedstock costs.
Paraxylene spreads were bearish in the second quarter owing to the normalisation of quake-hit facilities in
In its outlook, the company said that it expects olefin spreads to improve in the third quarter of 2011 on the back of turnarounds at regional crackers.
Increased utilisation rates at its downstream facilities on easing power shortages in
($1 = W1,052 / $1 = €0.70)
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