[EQUITIES] NH Investment & Securities sees SK Innovation’s Q3 profit declining 42%

Published : Jul 25, 2016 - 09:30 Updated : Jul 25, 2016 - 17:37

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[THE INVESTOR] NH Investment said on July 25 that SK Innovation’s third-quarter operating profit will fall 42.1 percent on-quarter to 647.9 billion won (US$569.43 million). The figure, however, will reflect a 78 percent increase from the same period in 2015.

The forecast was based on speculation that the average refinery margins will fall, NH said.

In the second quarter, the South Korean energy firm posted 1.11 trillion won of operating profit, exceeding 1 trillion won in quarterly profit for the first time in five years on higher crude oil prices.

Second-quarter profit was up 32.5 percent on-quarter, and 13.3 percent higher on-year.

By Kim Ji-hyun (jemmie@heraldcorp.com)