GS Caltex Turns Profitable in Q3 Overcoming COVID-19 Challenges

[Asia Economy Reporter Hwang Yoon-joo] GS Caltex has succeeded in turning a profit in the third quarter, overcoming the impact of the novel coronavirus infection (COVID-19).

GS Caltex announced on the 13th that its consolidated operating profit for the third quarter of this year was 297.1 billion KRW, a 7.8% decrease compared to the same period last year. During the same period, sales amounted to 5.4577 trillion KRW, down 39%, and operating profit decreased by 7.8%. However, compared to the second quarter, which was heavily affected by COVID-19, operating profit returned to the black and sales increased by 17.7%.

By segment, refining business sales recorded 4.2745 trillion KRW, and operating profit was 246.7 billion KRW. The refining business had posted a loss of 215.2 billion KRW in the second quarter. A GS Caltex official explained, "Profit related to inventory and increased sales of high-margin products, along with flexible business operations according to market conditions, improved the performance."

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