SK Enmove, the world’s largest producer of Group III base oils, saw profit fall in the third quarter from year-earlier levels but edge up from the second quarter.The firmer profit from the previous three months contrasted with South Korean refiner S-Oil, whose base oils profit fell.SK Enmove’s operating profit of 261.7bn South Korean won ($198mn) in the third quarter fell by 22pc from year-earlier levels.Profit edged up by 0.7pc from W259.9bn in the second quarter.Profit rose from the second quarter on the back of a 7pc rise in sales.Revenue rose even as SK Enmove’s sales volume dropped from the second quarter.Group III base oils prices fell globally in the third quarter from the previous three months, ICIS data showed. The fall in prices for supplies with OEM approvals was smaller than the drop in prices for supplies with limited or no OEM approvals.SK Enmove’s profit instead got a boost from other factors such as “inventory effect”.Refiners often adjust their inventories in preparation for scheduled plant maintenance.SK Enmove’s joint-venture Group III unit in Spain underwent maintenance work in the second quarter of the year.SK Enmove’s sales volume also dropped in the second quarter from the first three months of the year.Its operating profit margin of 22.1pc in the third quarter fell from 23.4pc during the previous three months.It remained close to average levels of 23.6pc over the past three years.SK Enmove’s third-quarter sales accounted for 6pc of parent company SK Innovation’s total revenue. Its profit accounted for 17pc of SK Innovation’s total operating profit..S-Oil’s Q3 base oils profit falls.Hyundai Shell Base Oil’s Q3 profit falls
