S-Oil Corp. on Friday reported its first-quarter net profit of 166.2 billion won (US$120.9 million), down 37.4 percent from a year earlier. Operating income for the January-March period was 454.1 billion won, down 11.9 percent from a year ago, the company said in a regulatory filing. Revenue rose 2.5 percent to 9.3 trillion won. The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 363.8 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Source: Yonhap News Agency