By Kwanwoo Jun
SK Innovation Co. posted a net loss for a fourth consecutive quarter in the three months ended Sept. 30, as weaker refining margins weighed on the South Korean oil refiner amid sluggish demand caused by the pandemic.
Third-quarter net loss was 16.13 billion Korean won ($14.3 million), compared with net profit of KRW174.26 billion in the same quarter a year earlier, the company said Friday. That missed a FactSet consensus forecast for net profit of KRW28.00 billion.
Revenue slid 32% to KRW8.419 trillion. The company posted an operating loss of KRW28.94 billion, compared with operating profit of KRW330.11 billion a year earlier.
SK Innovation expects refining margins to gradually improve in 2021 on a recovery in demand.
SK Innovation shares last traded 1.5% lower after its quarterly earnings report.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
10-29-20 2145ET