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SK Innovation profit beats consensus by 42.3% in Q1

SK Innovation Co. Ltd. said its normalized net income for the first quarter came to 2,763.42 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 1,941.84 won per share.

EPS rose 140.6% year over year from 1,148.32 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 254.08 billion won, a gain of 136.7% from 107.35 billion won in the prior-year period.

The normalized profit margin climbed to 2.2% from 0.6% in the year-earlier period.

Total revenue fell 28.2% on an annual basis to 12.046 trillion won from 16.776 trillion won, and total operating expenses decreased 29.1% on an annual basis to 11.724 trillion won from 16.543 trillion won.

Reported net income grew 231.5% from the prior-year period to 288.70 billion won, or 3,139.95 won per share, from 87.09 billion won, or 931.63 won per share.

As of May 15, US$1 was equivalent to 1,083.65 South Korean won.