| SK Corp. (003600.KS: Quote, Profile , Research), Asia's third-biggest oil refiner, reported on Tuesday its 2006 net profit fell 15.7 percent due to weak refining margins and mild winter weather that has been hindering demand for fuel oil. SK, which controls nearly a third of South Korea's oil market, earned 1.42 trillion won (US$1.51 billion) in net profit in the year ended December 31, compared with 1.7 trillion won profit a year ago. The profit was below a consensus forecast for a 1.55 trillion won profit from Reuters Estimates. Weak simple refining margins tarnished brisk performances of the refiner's petrochemical division and overseas energy development division during the fourth quarter, analysts said. Stagnated heating oil demand in the United States due to the mild winter also influenced the kerosene margin, they said. |
