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SK Innovation's 2016 net almost doubles on petrochemical biz, refining margin

All Headlines 15:19 February 03, 2017

SEOUL, Feb. 3 (Yonhap) -- SK Innovation Co., South Korea's top oil refiner, on Friday said its earnings nearly doubled last year from a year earlier, thanks to better-than-expected results from its petrochemical business and expanded refining margin.

Net profit stood at 1.72 trillion won (US$1.49 billion) last year, compared with a profit of 868 billion won a year earlier, the company said in a regulatory filing.

Operating income surged 63 percent on-year to reach a record 3.23 trillion won, while sales sank 18.3 percent to 39.52 trillion won over the cited period.

SK Innovation cited good performance at its petrochemical units and increased refining margin as the reason behind its improved bottom line.

SK Innovation's 2016 net almost doubles on petrochemical biz, refining margin - 1

SK Innovation said earlier this week that it has decided to take over Dow Chemical Co.'s ethylene acrylic acid (EAA) business for $370 million in a bid to diversify its business portfolio.

Earlier, SK Innovation said it would spend 3 trillion won this year to boost its chemicals and electric vehicle battery businesses.

The global market for the EAA, currently estimated at some 140,000 tons, is expected to grow at an annual rate of between 2 percent to 3 percent, it said.

sam@yna.co.kr
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