SK Innovation swings to Q2 profit, tops estimates as refining rebounds

SEOUL, July 30 : SK Innovation, the owner of South Korea's top refiner SK Energy, posted an operating profit of 3.5 trillion won ($2.44 billion) for the April-June period, swinging to profit from a 402 billion won loss a year earlier. The result compared with an LSEG SmartEstimate forecast of 1.3 trillion won, which is weighted toward analysts who are more consistently accurate.Here are some details: • Second-quarter revenue rose 49.9 per cent to 29.2 trillion won from the same period a year earlier. • SK On, which supplies batteries to Volkswagen, Hyundai Motor and Ford Motor, among others, reported an operating profit of 822 billion won in the second quarter, driven by one-off customer compensation payments, as well as cost reductions, higher sales in Asia and increased U.S. Inflation Re