SK Networks’ Q2 earnings dented by oil prices

[THE INVESTOR] SK Networks, SK Group’s trading and retail arm, said on July 29 that its consolidated second quarter revenue and operating profits fell 9.7 percent and 2.2 percent, respectively, from a year ago.

In a regulatory filing, the company said that its preliminary second quarter sales came to about 4.66 trillion won (US$4.15 billion), while operating profit came to 35.3 billion won. The company attributed the drop to falling oil and raw materials prices.

The company said that the drop in operating profit was maintained at a slower pace despite the larger drop in sales due to good performance from the car rental, imported vehicle maintenance and other automotive businesses. The company also said that its efforts at improving business model aided in reducing the fall in operating profit.

By Choi He-suk (cheesuk@heraldcorp.com)