[THE INVESTOR] SK Innovation said on Oct. 28 that its operating profit in the third quarter rose 12 percent on-year, thanks to better-than-expected results from its petrochemical business.

Third-quarter operating profit stood at 414.9 billion won (US$363.8 million), compared with 370.5 billion won a year ago, the company said in a regulatory filing.

Net income surged 125 percent on year to 371.8 billion won, despite a 22 percent decline in sales for the quarter.

SK Innovation is grappling with lower refining margins amid weak oil prices, but the strong performance was boosted by its petrochemical business.

SK Innovation’s refining business logged an operating income of 215.4 billion won, while its lubricant business racked up an operating income of 117 billion won in the second quarter.

(theinvestor@heraldcorp.com)