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SK Innovation profit misses consensus by 27.1% in Q2

SK Innovation Co. Ltd. said its normalized net income for the second quarter amounted to 2,808.95 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 3,852.24 won per share.

EPS fell 57.1% year over year from 6,549.55 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 258.27 billion won, a decrease of 57.7% from 610.32 billion won in the year-earlier period.

The normalized profit margin dropped to 2.4% from 5.9% in the year-earlier period.

Total revenue grew year over year to 10.561 trillion won from 10.280 trillion won, and total operating expenses grew 10.7% from the prior-year period to 10.140 trillion won from 9.161 trillion won.

Reported net income fell 53.2% year over year to 286.32 billion won, or 3,114.07 won per share, from 611.40 billion won, or 6,561.10 won per share.

As of Aug. 14, US$1 was equivalent to 1,139.03 South Korean won.