[Infostock Daily= Reporter An Hoe Hyun] SK Innovation recorded 'earning shock' in the third quarter.
SK Innovation announced on the 30th that it recorded sales of 8.4192 trillion won and operating loss of 28.9 billion won in the third quarter of 2020 based on consolidation. Sales rose 16.9% on-quarter, but fell 32.0% on-year. Operating profit is in the red for three consecutive quarters.
The oil and chemical business conditions were sluggish. Deficits in the chemical and battery businesses offset other business profits.
The battery business is in the red of 98.9 billion won. Sales for the third quarter were 486 billion won. The battery business continues to invest. The second plant in China under construction in Yancheng, China, will begin mass production in the first quarter of next year. The second plant in Hungary will operate in the first quarter of 2022. The first and second plants in the United States are scheduled to be mass-produced in the first quarter of 2022 and the first quarter of 2023, respectively.
The operating profit of the oil business is 471.5 billion won. It turned to the surplus. The operating loss of the chemical business is 53.4 billion won. It turned to the deficit. The lubricant business achieved operating profit of 70.6 billion won. The oil development business posted an operating profit of 18 billion won. The material business posted an operating profit of 29.9 billion won.
Reporter An Hoe Hyun email@example.com