S-Oil Q1 net income down 69.5 pct to 265.3 bln won

S-Oil-Q1 earnings

S-Oil Q1 net income down 69.5 pct to 265.3 bln won

SEOUL, April 27 (Yonhap) -- S-Oil Corp. on Thursday reported its first-quarter net profit of 265.3 billion won (US$198.5 million), down 69.5 percent from a year earlier.

The company said in a regulatory filing that it posted 515.7 billion won in operating profit for the quarter, compared with 1.33 trillion won a year ago. Sales fell 2.3 percent to 9.07 trillion won.

The earnings fell short of market expectations. The average estimate of net profit by analysts stood at 334.1 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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