Seoul: S-Oil Corp. on Monday reported its third-quarter net profit of 63.2 billion won (US$44.2 million), reversing a loss of 206.2 billion won from the same period a year earlier. The company announced these figures in a regulatory filing.
According to Yonhap News Agency, S-Oil’s operating profit for the July-September period was 229.2 billion won, compared to a loss of 414.9 billion won in the previous year. Despite a decrease in sales by 4.8 percent to 8.41 trillion won, the company’s earnings surpassed market expectations. Analysts had estimated the net profit to be 56.4 billion won, based on a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.