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SK Innovation Q2 profit climbs 9.9% YOY

SK Innovation Co. Ltd. said its second-quarter normalized net income came to 6,639.30 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 5,867.12 won per share.

EPS rose 11.4% year over year from 5,959.22 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 610.45 billion won, an increase of 9.9% from 555.42 billion won in the year-earlier period.

The normalized profit margin rose to 5.9% from 4.3% in the year-earlier period.

Total revenue decreased 20.9% on an annual basis to 10.280 trillion won from 12.997 trillion won, and total operating expenses fell 23.6% year over year to 9.161 trillion won from 11.997 trillion won.

Reported net income grew on an annual basis to 603.21 billion won, or 6,560.57 won per share, from 580.58 billion won, or 6,229.11 won per share.

As of Aug. 16, US$1 was equivalent to 1,094.67 South Korean won.