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SK Innovation Q1 net down 64 percent on weak cracking margin

By Nam Kwang-sik SEOUL, April 25 (Yonhap) -- SK Innovation Co., the owner of South Korea's top refiner SK Energy Co., said Friday its first-quarter net income fell 64.1 percent from a year earlier due to foreign exchange losses and a weak refining margin. Net profit reached 97.58 billion won (US$94 million) in the January-March period compared with 272.17 billion won a year ago, the company said in a regulatory filing. Sales dropped 6.7 percent to 16.89 trillion won in the period, and operating profit was down 67.5 percent to 226.2 billion won.

SK Innovation Q1 net down 64 percent

By Nam Kwang-sik SEOUL, April 25 (Yonhap) -- SK Innovation Co., the owner of South Korea's top refiner SK Energy Co., said Friday its first-quarter net income fell 64.1 percent from a year earlier. Net profit reached 97.58 billion won (US$94 million) in the January-March period compared with 272.17 billion won a year ago, the company said in a regulatory filing. Sales dropped 6.7 percent to 16.89 trillion won in the period, and operating profit was down 67.5 percent to 226.2 billion won.

POSCO's Q1 net profit down 81 percent on-year

POSCO, South Korea's top steelmaker, said Thursday its first-quarter net profit dropped 81 percent from a year earlier due to foreign exchange losses and a tax penalty. Net profit stood at 55.65 billion won (53.6 million dollars) in the January-March period, down from 292.26 billion won a year earlier, POSCO said in a regulatory filing. Revenue rose 5.9 percent year-on-year to 15.44 trillion won in the period and operating profit gained two percent to 731.26 billion won.

POSCO's net income tumbles 81 pct in Q1

By Nam Kwang-sik SEOUL, April 24 (Yonhap) -- POSCO, South Korea's top steelmaker, said Thursday its first-quarter net income dropped 81 percent from a year ago from foreign exchange losses and a tax penalty. Net profit stood at 55.65 billion won (US$53.6 million) in the January-March period compared with 292.26 billion won a year earlier, POSCO said in a regulatory filing. Revenue, however, rose 5.9 percent to 15.44 trillion won in the period and operating profit gained 2 percent to 731.26 billion won.

Hyundai Motor's earnings dip 2.9 pct to 2.03 tln won in Q1

SEOUL, April 24 (Yonhap) -- Hyundai Motor Co., South Korea's largest automaker, said Thursday its net earnings for the first quarter dipped 2.9 percent on-year to 2.03 trillion won (US$1.95 billion) mainly due to unfavorable foreign exchange rates. Operating profit rose 3.7 percent to 1.94 trillion won in the same period, with sales numbers rising to 21.65 trillion won, a 1.3 percent increase compared with the year before, the company said in a regulatory filing.

POSCO's net income tumbles 81 pct in Q1

By Nam Kwang-sik SEOUL, April 24 (Yonhap) -- POSCO, South Korea's top steelmaker, said Thursday its first-quarter net income dropped 81 percent from a year ago. Net profit stood at 55.65 billion won (US$53.6 million) in the January-March period compared with 292.26 billion won a year earlier, POSCO said in a regulatory filing. Revenue, however, rose 5.9 percent to 15.44 trillion won in the period and operating profit gained 2 percent to 731.26 billion won. <All rights reserved by Yonhap News Agency>

KDB provides 200 bln won loan to facilitate sale of Hyundai Securities

SEOUL, April 23 (Yonhap) -- State-run Korea Development Bank (KDB) said Wednesday that it has extended a 200 billion won (US$192 million) loan to Hyundai Merchant Marines to help speed up the sale of its affiliate, Hyundai Securities Co. The lender said the asset-based loan will allow the shipping company to transfer 14.9 percent of its holdings in the brokerage house to a trust. The company had owned a 22.4 percent stake in the securities firm before the move.

Ruling party lawmaker apologizes over son's Facebook posting

SEOUL, April 21 (Yonhap) -- A ruling party contender for mayor of Seoul offered a public apology Monday over his son's comments critical of people's angry reaction to a ferry disaster that left more than 300 people dead or missing. Chung Mong-joon, a seven-term lawmaker seeking to win the nomination of the Saenuri Party for the June 4 local elections, said he is sorry to the public for the comments that he said hurt people's hearts. "I offer a deep apology to family members of those who died or are missing as well as the people," Chung said in a news conference.

Watchdog monitors Samsung's data center after fire to prevent data breach

SEOUL, April 21 (Yonhap) -- The Financial Supervisory Service (FSS) said Monday it has sent inspectors to a fire-damaged data center run by a Samsung affiliate to prevent any data breach. A fire erupted at the center operated by Samsung SDS Co. in Gwacheon, on the outskirts of Seoul, just past noon Sunday. The blaze was brought under control in the evening. No casualties were reported. The incident was still hampering services of Samsung's financial affiliates on Monday, knocking out a server and causing interruptions to online credit card services.

LG Chem Q1 net down 16 pct on IT sector

By Nam Kwang-sik SEOUL, April 18 (Yonhap) -- LG Chem, the world's largest lithium-ion battery maker, said Friday its first-quarter net income fell 16 percent from a year ago due to sluggish performance of its IT sector. Net profit came to 286.01 billion won (US$275.7 million) in the January-March period from 340.44 billion won a year earlier, the company said in a regulatory filing. Sales also fell 0.8 percent to 5.67 trillion won in the period, and operating profit dropped 11.4 percent to 362.09 billion won.
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