Finance, Forex and Investments

SK Energy posts 21 rise in profits

Summary: SK Energy Korea s leading refiner announced yesterday that its net income rose 21 percent in the second quarter from a year earlier as prices for crude oil increased and the company boosted productivity at its plants The firm posted a profit of 362 1 billion won $300 9 million up from 298 3 billion in the April June period in 2009 Sales jumped 27 percent to hit 11 3 trillion won while the company managed to more than double its operating profit to 580 8 billion won Officials at SK Energy attributed the healthy financial performance in part to improvements in the petroleum sector which saw robust demand and an increase in oil prices The company s operating profits in the sector nearly tripled during the second quarter compared with the first three months of the year SK Energy also increased the operation rate of its plants to 80 percent from 72 percent meaning it was able to bolster productivity Increased exploration and production efforts and favorable currency rates contributed as well officials said Many global refiners invested in maintenance projects in June which created a lot of opportunities for us said Yu Jeong joon president of SK Energy s refining and marketing division And although our oil exports to India decreased by almost 70 000 barrels we were able to be flexible with our business and get profits through other products such as diesel fuel The company also expressed confidence in its ability to penetrate the market for rechargeable batteries used in electric vehicles which many observers say will be a key growth industry going forward Our recent deal to supply batteries for Hyundai Kia Automotive Group s electric vehicles may have come as a surprise to outsiders but it wasn t to us said Koo Ja young SK s president and chief executive officer Although we were latecomers in the market we are now recognized both within Korea and internationally for our technology Don t be surprised to see more big news from us going forward Koo said that the company plans to increase production of batteries for electric vehicles and also is cementing plans for a new battery plant near Daejeon By Jung Seung hyun seungjung joongang co kr Copyrights ⓒ JoongangIlbo Joins com All rights reserved SK Energy Korea s leading refiner announced yesterday that its net income rose 21 percent in the second quarter from a year earlier as prices for crude oil increased and the company boosted productivity at its plants The firm posted a profit of 362 1 billion won $300 9 million up from 298 3 billion in the April June period in 2009 Sales jumped 27 percent to hit 11 3 trillion won while the company managed to more than double its operating profit to 580 8 billion won Officials at SK Energy attributed the healthy financial performance in part to improvements in the petroleum sector which saw robust demand and an increase in oil prices The company s operating profits in the sector nearly tripled during the second quarter compared with the first three months of the year SK Energy also increased the operation rate of its plants to 80 percent from 72 percent meaning it was able to bolster productivity Increased exploration and production efforts and favorable currency rates contributed as well officials said Many global refiners invested in maintenance projects in June which created a lot of opportunities for us said Yu Jeong joon president of SK Energy s refining and marketing division And although our oil exports to India decreased by almost 70 000 barrels we were able to be flexible with our business and get profits through other products such as diesel fuel The company also expressed confidence in its ability to penetrate the market for rechargeable batteries used in electric vehicles which many observers say will be a key growth industry going forward Our recent deal to supply batteries for Hyundai Kia Automotive Group s electric vehicles may have come as a surprise to outsiders but it wasn t to us said Koo Ja young SK s president and chief executive officer Although we were latecomers in the market we are now recognized both within Korea and internationally for our technology Don t be surprised to see more big news from us going forward Koo said that the company plans to increase production of batteries for electric vehicles and also is cementing plans for a new battery plant near Daejeon By Jung Seung hyun seungjung joongang co kr Copyrights ⓒ JoongangIlbo Joins com All rights reserved

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