GS Reports Operating Profit of 920.6 Billion KRW Last Year, Down 53% YoY (Update)
[Asia Economy Reporter Choi Dae-yeol] GS announced on the 9th that its operating profit based on consolidated financial statements last year was 920.6 billion KRW, down 52.7% from a year earlier. Sales decreased by 13.2% during the same period to 15.4442 trillion KRW. Net loss turned to 187.8 billion KRW.
Operating profit in the fourth quarter of last year was 279.7 billion KRW, down 41.9% from the same period last year. Fourth-quarter sales decreased by 15.8% year-on-year to 3.6529 trillion KRW, and net loss turned to 173.2 billion KRW.
A GS official explained, "Demand sluggishness due to the COVID-19 pandemic situation burdened the performance of affiliates," adding, "GS Caltex's performance declined compared to the previous year due to the drop in oil prices, and the power generation subsidiaries' performance also decreased due to negative impacts from reduced power demand and lower wholesale electricity prices."
Looking at major affiliates, GS Caltex posted an operating loss of 919.2 billion KRW, turning to a deficit. After recording a profit in the third quarter of last year, it returned to a loss (-51.2 billion KRW) in the fourth quarter. Annual sales dropped by more than 30% from a year earlier to 22.8281 trillion KRW. In the lubricants division, there was some profit in the fourth quarter, but the refining and petrochemical divisions consistently posted losses.
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GS Retail's operating profit last year was 252.6 billion KRW, slightly increasing from a year earlier. Last year's sales were 8.8623 trillion KRW, slightly down during the same period. Looking at the fourth quarter alone, the convenience store division made a profit, but both the supermarket and other divisions recorded losses. In addition, GS Energy's operating profit shrank to about a quarter of the previous year at 341.6 billion KRW, and GS Global's operating profit decreased by about half to 32.3 billion KRW.
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