South Korea HSB’s Q1 profit rises

South Korean refiner Hyundai Shell Base Oil (HSB) saw its profit rise in the first three months of the year as revenue got a boost from higher sales volumes.

Operating profit of 30.8bn South Korean won ($23mn) in the first quarter of the year edged up from W29.6bn during the final quarter of last year.

Profit rose by 88pc from W16.4bn during the same period a year earlier.

Sales rose to a record-high W379.7bn in the first quarter of the year and by 15pc from the previous quarter.

Sales rose even as Asia-Pacific Group II base oils prices fell by 6pc during the same period.

Higher sales volumes cushioned the impact of lower prices.