(LEAD) SK Innovation shifts to Q2 loss on low oil prices

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SEOUL, July 29 (Yonhap) -- SK Innovation Co., South Korea's biggest refiner by sales, said Wednesday it swung to a net loss in the second quarter from a year earlier as the new coronavirus outbreak dragged down oil prices.

SK Innovation posted a net loss of 345.83 billion won (US$289 million) in the April-June quarter, swinging from a net profit of 155.44 billion won in the same period of last year, the company said in a statement.

"The COVID-19 pandemic drove down oil prices, petrochemical product prices and sales volume," the statement said.

The company also swung to an operating loss of 439.74 billion won in the second quarter from an operating profit of 493.67 billion won a year ago. Sales fell 45 percent to 7.2 trillion won from 13 trillion won during the same period.

From January to June, it shifted to a net loss of 1.89 trillion won from a net profit of 353.42 billion won in the year-ago period.

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