Oct 30, 2023 / 01:00AM GMT
Unidentified Company Representative -
[Interpreted] Joining me is CFO J.W. Bang; [IR team leader], J.W. Ahn and IR team members. And allow me to go over the financial highlights for Q3 2023.
S-Oil recorded KRW 858.9 billion in Q3 operating income, which sharply went up quarter-on-quarter. The bearish Asian refining margin in Q3 (inaudible) turnaround driven by strong demand in summer driving season and air travel peak season. It was the biggest contributor to a jump in operating income from the previous quarter.
We had heavy T&I of major processes from early June and completed it one by one from end of June until middle of July during when refining margin was at its lowest of the year. And start-up coincided with the refining margin turnaround, which minimized the opportunity loss.
International oil price jumped during Q3 in reaction to OPEC+'s voluntary output cut and the decision to extend it. This resulted in roughly KRW 230 billion in inventory-related impacts, which more than offset roughly minus KRW 190 billion inventory-related loss in the first half of the year.
Q3 2023 S-Oil Corp Earnings Call Transcript
Already have an account? Log in
Get the full story
Access to All Earning Calls and Stock Analysis | |
30-Year Financial on one screen | |
All-in-one Stock Screener with unlimited filters | |
Customizable Stock Dashboard | |
Real Time Insider Trading Transactions | |
8,000+ Institutional investors’ 13F holdings | |
Powerful Excel Add-in and Google sheets Add-on | |
All data downloadable | |
Quick customer support | |
And much more... |
30-Day 100% money back guarantee
You are not charged until the trial ends. Subscription fee may be tax deductible.
Excellent
4.6 out of 5 Trustpilot