By Kwanwoo Jun

S-Oil Corp. reported a net profit for its fiscal first quarter from a loss a year earlier, driven by higher refining margins.

Net profit for the quarter ended March 31 was 344.71 billion won ($310.4 million), compared with a net loss of KRW880.64 billion a year earlier, the South Korea-based oil refiner said Tuesday. The result beat a FactSet-compiled consensus forecast for a net profit of KRW151.50 billion.

Revenue for the quarter rose 2.8% to KRW 5.345 trillion. The company posted KRW629.22 billion in operating profit following an operating loss a year earlier.

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, it said.

The company also said demand for lubricants and other petrochemicals remained solid while their supply was tight, which helped boost its earnings.

S-Oil expects its refining margins to increase on an expected economic recovery in the second quarter.

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

(END) Dow Jones Newswires

04-26-21 2244ET