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SK Innovation profit beats consensus by 17.0% in Q1

SK Innovation Co. Ltd. said its first-quarter normalized net income amounted to 7,795.34 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 6,662.37 won per share.

EPS increased 46.5% year over year from 5,321.19 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 716.74 billion won, a gain of 44.5% from 495.94 billion won in the year-earlier period.

The normalized profit margin increased to 6.3% from 5.2% in the year-earlier period.

Total revenue climbed 20.4% year over year to 11.387 trillion won from 9.458 trillion won, and total operating expenses grew 20.5% from the prior-year period to 10.383 trillion won from 8.613 trillion won.

Reported net income increased 50.3% year over year to 835.64 billion won, or 9,088.57 won per share, from 555.86 billion won, or 5,964.05 won per share.

As of May 15, US$1 was equivalent to 1,116.40 South Korean won.