Hyundai Oilbank, the nation’s fourth-largest oil refinery, was the best performer among its competitors in the first quarter of this year, data from the Financial Supervisory Service said Tuesday.
According to the data, operating profit of Hyundai Oilbank, an affiliate of Hyundai Heavy Industries, fell 43.3 percent to 307 billion won ($269 million) from the same period a year ago. At a glance, the company seems to be seeing an earnings shock, but three other top oil refineries ― SK Innovation, GS Caltex and S-Oil ― posted a bigger fall in their operating profit during the same period.
The operating profit of SK Innovation, which has SK Energy, the nation’s top oil refinery, under its roof, fell 78 percent to 279 billion won ($250 million) in the first quarter.
Industry watchers said it was the first time for Hyundai Oilbank to be ranked first in operating profit in its corporate history. The company said continued facility investments were a key factor for performance improvement amid the business downturn.