SEOUL-- S-Oil Corp., the No. 3 oil refiner in South Korea, said Wednesday that its second-quarter profit dropped 85 percent from a year earlier, as the strong local currency and low oil prices dented its bottom line.
Net profit reached 66.9 billion won (US$59.8 million) in the April-June period, compared with 444 billion won a year earlier, the company said in a regulatory filing.
Operating income dropped 82 percent on-year to reach 117 billion won over the cited period, while sales rose 11.1 percent on-year to reach 4.67 trillion won.
S-Oil said its operating income dropped due to the strengthening of the local currency against the U.S. dollar and low oil prices.
Last year, S-Oil posted a net profit of 1.26 trillion won, compared with a profit of 631 billion won a year earlier.
Source: Yonhap News Agency