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SK Innovation swings to profit in Q2

SK Innovation Co. Ltd. its second-quarter normalized net income came to 5,889.90 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 5,835.83 won per share.

The per-share result swung to a profit from the prior-year loss of 22.00 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 541.54 billion won, compared with a loss of 1.97 billion won in the year-earlier period.

The normalized profit margin increased to 4.3% from negative 0.0% in the year-earlier period.

Total revenue declined 20.6% year over year to 12.998 trillion won from 16.374 trillion won, and total operating expenses decreased 26.8% from the prior-year period to 12.010 trillion won from 16.416 trillion won.

Reported net income came to 564.00 billion won, or 6,134.18 won per share, compared with a loss of 39.60 billion won, or a loss of 441.54 won per share, in the prior-year period.

As of Aug. 17, US$1 was equivalent to 1,183.06 South Korean won.