SK Innovation二季度营业利润3.5万亿韩元显著高于预期但含一次性补偿

SK Innovation (096770.KS), the owner of South Korea's top refiner SK Energy, posted an operating profit of 3.5 trillion won ($2.44 billion) ​for the April-June period, swinging to profit from a 402 ‌billion won loss a year earlier.

The result compared with an LSEG SmartEstimate forecast of 1.3 trillion won, which is weighted toward analysts who are more consistently ​accurate.

Here are some details:

Second-quarter revenue rose 49.9% to 29.2 trillion won from ​the same period a year earlier.

SK On, which supplies ⁠batteries to Volkswagen (VOWG.DE), Hyundai Motor (005380.KS) and Ford Motor (F.N), among others, reported ​an operating profit of 822 billion won in the second quarter, driven ​by one-off customer compensation payments, as well as cost reductions, higher sales in Asia and increased U.S. Inflation Reduction Act (IRA) tax credits.

SK On's customer Ford, ​which on Tuesday raised its annual profit outlook for a second time ​this year, reported a second-quarter net loss of $1.3 billion due to a $3.6 billion ‌charge ⁠related to a previously announced dissolution of a battery joint venture with SK On.

SK Innovation, which has total refining capacity of 1.115 million barrels per day at its plants in Ulsan and Incheon, ​said it expects petroleum ​market conditions to ⁠soften in the third quarter as higher OPEC+ output and increased refinery operating rates across Asia ​temper recent gains in oil prices and refining ​margins.

The company ⁠said that market conditions were expected to remain highly volatile, depending on developments including shipping traffic through the Strait of Hormuz and ⁠the ​Red Sea, the extent of damage to ​Russian refining facilities, and changes in the supply and demand balance for crude oil ​and petroleum products.($1 = 1,437.0000 won)