On Friday, SK Innovation Co. announced a remarkable net income of 729.6 billion won (US$546.4 million) for the third quarter, a 316.5 percent increase from the same period last year.
The company also revealed that their operating profit for the quarter was 1.56 trillion won, which is more than double the amount from the previous year. However, their total revenue was 12.6 percent lower than the previous year, at 19.88 trillion won.
The results exceeded market expectations, as analysts had predicted a net profit of 580.2 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.