GS Caltex, 1Q Operating Profit 632.6 Billion KRW... Return to Profitability

[Asia Economy Reporter Hwang Yoon-joo] GS Caltex succeeded in turning its operating profit positive in the first quarter of this year.

GS Caltex announced on the 10th that its consolidated operating profit for the first quarter was 632.6 billion KRW, turning positive compared to the same period last year. Sales decreased by 9.1% to 6.4272 trillion KRW, and net profit turned positive to 319 billion KRW. Both operating profit and sales turned positive compared to the previous quarter, increasing by 25.2%.

Specifically, the refining division recorded sales of 4.9444 trillion KRW and an operating profit of 462 billion KRW. Sales increased by 26.3% compared to the previous quarter, and operating profit turned positive. Inventory-related gains due to rising oil prices and improved refining margins from gradually increasing demand contributed to this improvement.

The petrochemical division recorded sales of 1.1243 trillion KRW and an operating profit of 45.6 billion KRW, with sales increasing by 19.7% compared to the previous quarter and operating profit turning positive. The spread remained strong due to improved demand for downstream products amid the global economic recovery.

The lubricants division posted sales of 358.5 billion KRW and an operating profit of 125 billion KRW, with sales increasing by 28.5% and operating profit by 64.8% compared to the previous quarter. The spread rose due to tight supply and demand caused by a decline in global refinery operating rates and scheduled maintenance.

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