S-Oil Corp., the No. 3 oil refiner in South Korea, said Thursday that its first quarter net profits more than doubled from a year earlier, largely thanks to better margins.

Net profits reached 433 billion won ($382 million) in the January-March period, up from 211 billion won a year earlier, the company said in a regulatory filing.


Sales dropped 21.6 percent on-year to reach 3.43 trillion won in the first quarter, but its operating income increased -- 491 billion won compared to an operating income of 238 billion won a year earlier.

S-Oil said improved cracking margins helped boost its bottom line, and that other businesses such as its lubricants unit also fared well.

The firm’s refining business generated an operating income of 220 billion won in the first quarter. S-Oil‘s petrochemicals unit posted an operating income of 144 billion won last year, sharply up from an operating income of 46 billion won a year earlier.

(khnews@heraldcorp.com)