High Q2 performance projected for refiners

[THE INVESTOR] South Korean refineries are expected to post healthy results for the second quarter of the year, buoyed by improving market conditions.

Local refiners and securities firms are in agreement that good second quarter results are likely for the industry. 

Analysts’ consensus on SK Innovation, the industry leader, stands at 10.41 trillion won ($9 billion) for second quarter sales, and operating profit of 829.7 billion won. The figures fall short of those posted for the same period last year -- 12.99 trillion won sales and 987.9 billion won operating profit -- that was the second-highest on record for the company.

For GS Caltex, second-quarter sales are expected to come in at about 5.49 trillion won while an operating profit of 482.4 billion won has been forecast for the company.

Hyundai Oil Bank is also expected to post second-quarter operating profit of more than 300 billion won, a sharp rise from the 230 billion won operating profit posted for the same period last year.

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