S-Oil Swings to Q1 Profit as Oil Price Surge Lifts Inventory Gains

S-Oil said on the 11th that its operating profit on a consolidated basis turned positive in the first quarter of this year. The main factor cited was inventory-related gains after international oil prices surged due to the closure of the Strait of Hormuz. The company also said revenue for the same period was in the 8 trillion won range. The turnaround shows how oil price movements can directly affect short-term earnings at refiners. The original report, however, is limited to first-quarter results and inventory gains tied to the oil price spike, so the direction of future earnings requires further confirmation. Source: mk.co.kr