SK Innovation expects economic stimulus, travel demand to boost refining margins

SEOUL : SK Innovation Co Ltd, owner of South Korea’s top refiner, SK Energy, on Tuesday said it expects economic stimulus measures and firmer travel demand backed by the lunar New Year holiday in China to push up refining margins. The company posted an operating profit of 73 billion won ($54.75 million) for the fourth quarter ended December, compared with a 765 billion won loss a year earlier. However, the result was far below an average analyst forecast of 558 billion won profit compiled by LSEG SmartEstimate. The company said its petrochemical business turned to a loss due to weaker refining margins and lower prices. Fourth-quarter revenue rose 2.1 per cent to 19.5 trillion won from the same period from…