S-Oil Suffers Earnings Setback in Second Quarter
By Kwanwoo Jun
S-Oil reported an earnings setback in the second quarter on weaker oil demand and narrower refining margins.
The South Korean oil refiner, controlled by Saudi Aramco, reported a net loss of 21.34 billion won, equivalent to $15.4 million, for the quarter ended June, following a net profit of KRW166.20 billion in the prior quarter.
That missed a FactSet-compiled consensus forecast of a KRW6.26 billion net profit for the second quarter.
Revenue increased 22% from a year ago to KRW9.571 trillion for the quarter, and operating profit quadrupled on year to KRW160.65 billion, the company said Friday.
The company said that its petrochemical segment posted a decent profit increase but its flagship oil refining segment was in the red for the quarter.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
July 25, 2024 21:17 ET (01:17 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks