SK Innovation returns to profitability in Q3

SK Innovation said on Friday that it has marked 12.3 trillion won revenue and 618.5 billion won in operating income during the third quarter.

Revenue increased 48% year-on-year while it returned to profitability compared to the same time period a year ago.

SK Innovation credited the growth to improved conditions in the lubricant market.

Its battery business also recorded 861.8 billion won in revenue, its highest quarterly figure to date.

SK Innovation despite the chip shortage that was affecting automobile production, its overseas battery factories were beginning mass production and it expected total revenue of 3 trillion won from its battery business unit this year.

Annual revenue of the battery business is expected to surge in 2022 to mid-6 trillion won, the South Korean energy company said.

It also had 1.6TWh worth of remaining orders for batteries as of the third quarter, thanks to increased spending by its joint venture with Ford, the company said.

It was also working to win more customers besides its existing customers Hyundai Motor, Kia, Ford, Daimler and Volkswagen, SK Innovation said.