SK Lubricants posted steep decreases in operating profit and sales for the second quarter, according to an earnings report filed this week by SK innovation, the refiner’s parent company.
SK Lubricants reported profit of 37.4 billion won (U.S. $31.4 million) for the second quarter, down 52% from ₩78.2 billion in 2019’s second quarter. Sales for the quarter fell 44% to ₩475.2 billion.
In its quarterly earnings presentation, the company attributed the drop in sales to the impacts of the COVID-19 pandemic.
“Signs of better demand across all regions lead to expectations of a moderate recovery in base oil demand [during the second half 2020],” SK stated.