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[Alpha Biz=(Chicago) Reporter Kim Jisun] SK succeeded in improving its quarterly earnings due to strong performance of major subsidiaries such as SK Innovation, SK Hynix, and SK E&S.
SK said in a quarterly report today (14th) that it achieved sales of 33.864 trillion won, operating profit of 2.7119 trillion won and net profit of 1.3796 trillion won in the third quarter. Sales fell 6% compared to the third quarter of last year, but operating profit and net profit grew 40% and 76%, respectively.
SK Innovation and SK E & S, subsidiaries in charge of the energy business, led the turnaround as their performance improved significantly from last quarter.
SK Innovation recorded 'earning surprise' (surprise performance) with operating profit of 1.5631 trillion won in the third quarter, exceeding the market average expectation (1.757 trillion won).
The U.S. Advanced Manufacturing Tax Credit (AMPC) benefit from the battery business was reflected in 210 billion won, recording an operating loss of 86.1 billion won, down 45.4 billion won from last quarter. The oil refining business recorded 1.1 trillion won in operating profit on the back of strong refining margins and rising oil prices.
SK ON expects AMPC benefits to expand further after the fourth quarter following the third quarter. We plan to continue our efforts to turn into a surplus after the fourth quarter by improving yield and reducing costs.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
