SK Enmove, the world’s largest producer of Group III base oils, saw profit rise in the second quarter of the year even as its revenue and sales volume fell.The base oils and lubricants unit of SK Innovation saw operating profit rise to 259.9bn South Korean won ($203mn) in the three months to end-June.Profit rose by 2pc from year-earlier levels and for an eleventh straight quarter.Profit of W1.12tn in the year to end-June was a record-high for any twelve-month period.Second-quarter profit rose even as the unit’s revenue fell by 10pc from year-earlier levels and by 15pc from the first quarter of the year.Revenue fell because of a drop in sales volume.Scheduled plant maintenance work took place at the 650,000 t/yr Group III plant in Spain in the second quarter of the year. The unit is 70pc owned by SK Enmove and 30pc by Repsol.SK Enmove was previously known as SK Lubricants.Profit instead benefitted from firm prices for Group III base oils with approvals, especially compared with lower feedstock costs.The unit’s profit margin of 23.4pc in the second quarter rose from 19.9pc in the first three months of the year and from average levels of 17pc over the previous five years. .South Korea HSB’s Q2 profit rises
SK Enmove, the world’s largest producer of Group III base oils, saw profit rise in the second quarter of the year even as its revenue and sales volume fell.The base oils and lubricants unit of SK Innovation saw operating profit rise to 259.9bn South Korean won ($203mn) in the three months to end-June.Profit rose by 2pc from year-earlier levels and for an eleventh straight quarter.Profit of W1.12tn in the year to end-June was a record-high for any twelve-month period.Second-quarter profit rose even as the unit’s revenue fell by 10pc from year-earlier levels and by 15pc from the first quarter of the year.Revenue fell because of a drop in sales volume.Scheduled plant maintenance work took place at the 650,000 t/yr Group III plant in Spain in the second quarter of the year. The unit is 70pc owned by SK Enmove and 30pc by Repsol.SK Enmove was previously known as SK Lubricants.Profit instead benefitted from firm prices for Group III base oils with approvals, especially compared with lower feedstock costs.The unit’s profit margin of 23.4pc in the second quarter rose from 19.9pc in the first three months of the year and from average levels of 17pc over the previous five years. .South Korea HSB’s Q2 profit rises
