HD Hyundai Oilbank Q1 Operating Profit Soars 2,901.6% on High Oil Prices and Refining Margins

HD Hyundai Oilbank disclosed on the 13th that its consolidated operating profit for the first quarter stood at 933.5 billion won. The figure was up 2,901.6% from 31.1 billion won a year earlier and rose 89.4% from 493 billion won in the previous quarter. Revenue increased 8.3% year on year to 7.7155 trillion won, while net profit turned positive at 481.8 billion won. The refining business led the improvement. International oil prices jumped as the Middle East war intensified and concerns grew over a blockade of the Strait of Hormuz, while wider refining margins restored profitability. Dubai crude exceeded $150 per barrel in March. Even after the early wartime surge eased, consumer fuel prices have been slow to fall, drawing attention to how prices are reflected. Source: rss.donga.com