South Korean SK Innovation's petrochemical business posted an operating profit of Won 246.1 bln (US$221.9 mln) for Q1-2013, up 28.5% from Won 191.5 billion a year earlier as per Platts.
SK Global Chemical, SK Innovation's wholly owned petrochemical subsidiary, posted revenue of Won 3.28 trillion in the quarter ended March, down 4.7% from Won 3.44 trillion in the year-ago period. Compared with Q4-2012, SK Global Chemical's operating profit for Q1 this year jumped 58.2% as its revenue increased 15.1%.
The increase [in operating profit] was due to favorable market conditions resulting in higher product spreads. SK Global Chemical sold 2.05 million mt of petrochemical products in Q1, down from 2.17 million mt a year earlier, but up from 1.83 million mt in Q4.
Of the total, it sold 87,000 mt of ethylene in Q1, up from 85,000 mt a year earlier but down from 93,000 mt the previous quarter. It also sold 404,000 mt of paraxylene in Q1, up from 370,000 mt in Q1 2012 and from 255,000 mt in Q4 2012.
29-Apr-13 
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