By Kwanwoo Jun

S-Oil Corp. reported its first-quarter results Tuesday. Here's what you need to know:

NET PROFIT: The South Korea-based oil refiner's net profit was 344.71 billion won ($310.4 million) for the quarter ended March 31, compared with a net loss of KRW880.64 billion a year earlier.

REVENUE: S-Oil's revenue rose 2.8% to KRW5.345 trillion. The company posted KRW629.22 billion in operating profit following an operating loss a year earlier.

WHAT WE WATCHED:

--ABOVE CONSENSUS: The oil refiner's net profit was stronger than markets had expected. It was well above a FactSet-compiled consensus forecast for a net profit of KRW151.50 billion.

--MARGINS: S-Oil's refining margins improved in the first quarter as the spreads for products such as gasoline and diesel continued to rise on a recovery in demand, vaccine rollouts and more travel. The company expects the margins to increase on an expected economic recovery in the second quarter.

--PETROCHEMICALS: The company said demand for lubricants and other petrochemicals remained solid while their supply was tight in the quarter, which helped boost its earnings.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

04-26-21 2328ET