GS Q2 Operating Profit 157.3 Billion KRW... 67.7% Decrease YoY

[Asia Economy Reporter Hwang Yoon-joo] GS announced on the 7th that its operating profit for the second quarter of this year was 157.3 billion KRW, a decrease of 67.76% compared to the same period last year. During the same period, sales amounted to 3.6655 trillion KRW, down 18.69%, and net profit was 9.5 billion KRW, down 95.27%.

Compared to the first quarter, sales decreased by 12.7%. Operating profit surged about 16.6 times compared to the first quarter (9.5 billion KRW).

GS stated that the demand slump caused by the COVID-19 pandemic burdened the performance of its affiliates.

In the case of GS Caltex, performance declined compared to last year due to weak margins in refining and petrochemical products. However, it explained that performance improved compared to the previous quarter as inventory-related losses decreased and crude oil procurement costs were reduced.

GS's sales for the first half of this year were 7.8616 trillion KRW, down 11.9% compared to the same period last year, and operating profit was 166.7 billion KRW, down 83.3%. The net loss for the first half was recorded at 285.7 billion KRW.

A GS official said, "Although power generation subsidiaries experienced poor performance due to decreased domestic electricity demand, the relatively solid performance of distribution subsidiaries is a positive aspect."

This content was produced with the assistance of AI translation services.