GS Co., Q3 Operating Profit 474.1 Billion KRW... 14.0% Decrease YoY

[Asia Economy Reporter Hwang Yoon-joo] GS Corporation announced on the 13th that its operating profit for the third quarter of this year was 474.1 billion KRW, a 14% decrease compared to the same period last year. During the same period, sales revenue decreased by 13.1% to 3.9297 trillion KRW, while net profit increased by 11.3% to 271.1 billion KRW.

Compared to the previous quarter (Q2 2020), sales revenue increased by 7.2%, operating profit rose by 201.5%, and net profit surged by 2747.4%.

GS Corporation recorded cumulative sales revenue of 11.7913 trillion KRW, operating profit of 640.8 billion KRW, and a net loss of 14.6 billion KRW for the third quarter of 2020. These figures represent decreases of 12.3% and 58.7% in sales and operating profit respectively compared to the same period last year, with net profit turning into a loss.

A GS representative explained, "Operating profit in Q3 2020 improved compared to the previous quarter but decreased compared to the same period last year. The demand slump caused by the COVID-19 pandemic continues to burden the performance of our affiliates."

He added, "GS Caltex’s performance improved compared to the previous quarter due to flexible operations in response to market conditions and inventory-related gains. Despite difficult circumstances, the distribution subsidiaries maintained steady performance, which allowed GS Corporation’s Q3 operating profit and net profit to improve compared to Q2."

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