SK Innovation posts 502.5 billion won operating profit in Q1, expects strong battery orders
SK Innovation s battery sales soared 80 percent on-year to a record 526.3 billion won due to the start of production for Hyundai Motor Co. s latest electric SUV, the IONIQ5. Thursday, May 13, 2021 11:19 PM UTC
SK Innovation Co. posted a 502.5 billion won operating profit on a consolidated basis in the first quarter, turning around from a loss of 1.8 trillion won in the previous year.
The profit, the first in five quarters for the South Korean oil refiner and battery maker, beat the market consensus by 30 percent.
However, it lost 527.6 billion won in operating loss before the tax due to the hefty settlement costs for a battery lawsuit with LG Energy Solution Ltd.
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South Korea s benchmark stock index closed at its highest-ever level on Monday, powered by economically sensitive stocks such as transportation, brokerage and retail companies seen to have underperformed the market amid an improved earnings outlook.
The weaker-than-expected US jobs report for April, released last Friday, lessened fears that the Federal Reserve might tighten its policy anytime soon to cool an overheating economy, thus pushing US stock markets to their highest levels.
Cyclical stocks will likely continue to lead the broader markets higher, with relatively undervalued construction companies, refineries and automakers taking the baton from steel and chemical companies in rotational buying, analysts said.
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by Bloomberg
|Thursday, May 06, 2021
Asian refiners are expanding at a breakneck pace, even building massive new plants designed to run for at least half a century.
(Bloomberg) Predictions of peak oil and the impending demise of fossil fuels will hit Asian oil refiners especially hard. The region is home to three of the top four oil-guzzling nations, and more than a third of global crude processing capacity. Yet, Asian refiners are expanding at a breakneck pace, even building massive new plants designed to run for at least half a century.
What is going on?
After a century of powering the world’s vehicles, oil refiners are having to plan for an oil-free future in mobility as cars begin switching to batteries, ships burn natural gas, and innovation brings on other energy sources such as hydrogen. Goldman Sachs Group Inc. predicts oil demand for transportation will peak as early as 2026.