S-Oil Corp., South Korea’s third-largest refiner by sales, said Friday its second-quarter net losses narrowed from a year earlier on improved sales in the nonrefining business.

Net losses for the three months to June narrowed to 21.34 billion won (US$15 million) from 22.43 billion won in the year-ago period, the company said in a statement.

“Improved profits in the petrochemicals and lubricants divisions helped offset losses in the mainstay refining division in the second quarter,” the statement said.

Operating profit more than quadrupled to 160.65 billion won in the June quarter from 36.42 billion won a year ago, as refining margins are improving this year compared with last year.

Sales were up 22 percent to 9.57 trillion won from 7.82 trillion won.

In the third quarter, the company expected an increase in gasoline and diesel demand during the summer holiday season will prop up the bottom line.

Saudi Arabia’s state-controlled Aramco holds a 63.4 percent stake in S-Oil.

Source: Yonhap News Agency