S-Oil Corp. on Friday reported its fourth-quarter net income of 209.8 billion won (US$158.1 million), down 8.3 percent from a year earlier.

Operating profit for the October-December period was 7.6 billion, compared with a loss of 160.4 billion won a year ago, the company said in a regulatory filing. Revenue fell 7.2 percent to 9.83 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 38.8 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency