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SEOUL, July 30 (Yonhap) -- SK Innovation Co., South Korea's leading total energy solution company, said Thursday it swung to a net profit in the second quarter from a year earlier, mainly driven by stronger earnings from its lubricants business.

In the three months that ended in June, the company posted a net profit of 73.5 billion won (US$51.1 million), compared with a net loss of 1.03 trillion won in the same period in 2025, SK Innovation said in a press release.

"The bottom line was boosted by improved margins in the lubricants business following supply disruptions at competitors caused by the closure of the Strait of Hormuz," the company elaborated.

Higher battery sales in Asian markets and a tax credit under the U.S. Inflation Reduction Act (IRA) also supported the quarterly earnings, it said.

Amid uncertainties stemming from heightened tensions in the Middle East, the company said it will focus on ensuring a stable supply of petrochemical products, while responding flexibly to market demand to improve profitability.

The company also posted an operating profit of 3.48 trillion won in the second quarter, shifting from an operating loss of 401.56 billion won a year earlier.

Sales rose 49.9 percent to 29.15 trillion won from 19.45 trillion won in the same period last year.

kyongae.choi@yna.co.kr

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