SEOUL — S-Oil Corp announced its financial performance for the third quarter on Monday, revealing a net income of 545.4 billion won (US$402.3 million). This marks a significant turnaround from the loss of 9.6 billion won the company reported for the same period last year.
According to Yonhap News Agency, the company's operating profit for the July-September period rose 67.9 percent on-year to 858.9 billion won. However, sales for the quarter decreased by 19.1 percent to 8.99 trillion won. Despite the return to profitability, the earnings fell short of market expectations. The average net profit estimate by analysts stood at 623.8 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.