LEAD) SK Energy Q3 net surges 42 pct

SEOUL, Oct. 24 (Yonhap) -- SK Energy Co., South Korea's top oil refiner, said Friday that its third-quarter net profit rose 42 percent from a year earlier thanks to robust exports and strong earnings from oil exploration.

Net profit stood at 471.8 billion won (US$337.7 million) in the July-September
period, compared with 331.6 billion won a year earlier, SK Energy said in a
statement.
Revenue more than doubled on-year to 14.3 trillion won and operating profit
soared 75.2 percent to 733 billion won, the company said.
Despite its strong performance, shares of SK Energy fell by the daily limit of 15
percent to 50,200 won as of 2:49 p.m. on the Korea Exchange.
Improved exports of transportation fuels and robust earnings in the oil
exploration business pushed its third-quarter earnings upwards, SK Energy said.
The company's overseas shipments rose two-and-a-half fold on-year to 9.1 trillion
won in the third quarter, accounting for 64 percent of its total sales, the
company said.
SK Energy started commercial production at oil fields in Peru and Vietnam between
early this year and September, it said, adding that production from the oil
fields are forecast to rise through the fourth quarter.
"Despite the volatile market conditions, we have been able to achieve our annual
business target ahead of schedule. And we are optimistic that the company will
stay its course, balancing opportunities for long-term growth while we maximize
corporate value in the fourth quarter," said Han Chi-woo, chief executive officer
of SK Energy.
ksnam@yna.co.kr
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