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S-Oil reports huge drop in profit on sluggish refining margin and polysilicon losses

5:11 AM MST | January 31, 2013 | Natasha Alperowicz

S-Oil, South Korea's major oil refiner and aromatics producer, said today that it posted a 99% fall in net profit in the fourth quarter of 2012 compared with the year-ago period due to a sluggish refining margin and losses from an equity investment in a polysilicon company. Net income dropped to 3.39 billion South Korean won ($3.1 million) from won337 billion in the October to December 2011 period. Fourth quarter 2012 sales were down 9.5%, to won8.4 trillion. Aramco holds 35% share in S-Oil.   S-Oil entered the polysilicon business in 2011 through the...

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