Overview
- Operating profit for October–December came in at 295 billion won, up year-on-year but below the 351 billion won analyst consensus and down 291 billion won from the prior quarter on weaker battery results.
- SK On’s operating loss widened to 441 billion won from 125 billion won in the previous quarter, which the company linked to slower U.S. EV battery sales following the expiry of purchase subsidies.
- SK Innovation said it expects crack spreads to remain strong under U.S. low-oil-price policies despite easing winter demand and talk of a possible Russia–Ukraine ceasefire.
- Net losses widened to 4.15 trillion won in the quarter due to costs tied to the handover of SK On’s stake in the BlueOval SK joint venture with Ford, which the company said will be recognized as income later.
- Peer S-Oil reported a 91% jump in fourth-quarter operating profit and guided for robust first-quarter refining margins, while SK Innovation shares rose about 0.4% in morning trade versus a 1.3% gain for the KOSPI.