SK Innovation Co., the holding company of South Korea’s No.1 refiner SK Energy Co., said Friday that its first-quarter net income fell 54.8 percent from a year ago due to non-operating loss by a weaker won.

Net profit came to 293 billion won ($264.2 million) in the January-March period, compared with 648.4 billion won a year ago, SK Innovation said in a regulatory filing.

Sales fell 3.9 percent to 18.1 trillion won in the period, with operating profit dropping 5.5 percent to 738 billion won.

“The decrease in the net income was mainly due to non-operating loss resulted the depreciation of the KRW (Korean won),” said the company in a separate English-language statement. (Yonhap News)