South Korean base oil refiners SK Lubricants and S-Oil reported decreases in operating income and revenues for the quarter ending Dec. 31, compared to a year earlier. Each companys full year operating income was also down from 2011, with only SK Lubricants posting an increase in revenue.
SK Lubricants reported an operating loss of 28.6 billion South Korean won (U.S. $26.1 million) for the fourth quarter, down from a 94.5 billion won operating profit in the year-earlier period. For the full fiscal year 2012, SK Lubricants posted 263 billion won in operating income, down 48.5 percent from 510.9 billion won for 2011.
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Sales of 669.1 billion won for the fourth quarter were down 8.4 percent from 2011s fourth quarter. For the full year 2012, revenue for SK Lubricants reached 2.9 trillion won, up slightly from 2.7 trillion won in 2011.