S-Oil Corp., the third-largest oil refiner in South Korea, said Thursday it swung to the black in the third quarter from a year earlier thanks to higher oil prices.

Net profit reached 172 billion won ($151 million) in the July-September period, compared to a loss of 44 billion won a year earlier, the company said in a regulatory filing.

Operating income surged to 116 billion won in the third quarter, from a year earlier.

But sales dipped 6.5 percent on-year to reach 4.14 trillion won over the cited period, it said.

From the previous quarter, however, its net profit plunged 61 percent and its operating income also dipped 82 percent due to a fall in refining margin. (Yonhap)