By Kwanwoo Jun
S-Oil Corp. reported its fourth-quarter results on Thursday. Here's what you need to know:
NET PROFIT: The South Korea-based oil refiner's net profit was 129.72 billion won ($117.0 million) for the quarter, nearly tripling from a year earlier.
REVENUE: Fourth-quarter revenue fell 34% to KRW4.280 trillion, while operating profit roes nearly 10-fold to KRW93.09 billion.
WHAT WE WATCHED:
--ABOVE CONSENSUS: The quarterly net profit beat a FactSet-compiled consensus forecast, driven by oil demand toward the end of 2020 and foreign-exchange gains from the won's strength.
--OPERATING PROFIT: S-Oil posted an operating profit, snapping a three-quarter losing streak.
--RECOVERY: The company's refining margin remained depressed due to the slow recovery of oil demand amid a resurgence in Covid-19 cases. The company expects refining margins to recover gradually this year.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
01-28-21 0602ET