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S-Oil Q2 net income drops 13.5% despite revenue gain

Despite posting increases in revenue and operating income, S-Oil Corp.'s second-quarter net income turned lower owning to foreign exchange losses.

In a July 26 presentation, S-Oil Corp. reported second-quarter net income of 163.2 billion South Korean won, down 13.5% from the first quarter result of 188.7 billion won but still much higher than the 66.9 billion won noted in the corresponding period in 2017.

The Seoul-based refiner noted second-quarter revenue of 6 trillion won, rising 10.9% from the first quarter's 5.4 trillion won and climbing 28.7% from the 4.6 trillion won posted during the same period in 2017. Operating income for second quarter was pegged at 402.6 billion won, rising from the first quarter's 254.5 billion won and much higher than the 117.3 billion won for the second quarter of 2017.

Capital expenditures for the first half totaled 992.3 billion won with the Residue Upgrading Complex, or RUC, and Olefin Downstream Complex, or ODC, project making up the bulk of the expenses at 861.6 billion won while upgrade and maintenance reached 114.4 billion won. The total expenditures planned for the year, however, are 1.9 trillion won with the RUC/ODC project taking up 1.57 trillion won, upgrade and maintenance at 233.2 billion won and other expenses pegged at 107.4 billion won.

S-Oil Corp. is a subsidiary of Aramco Overseas Company B.V.

As of July 25, US$1 was equivalent to 1,123.90 South Korean won.