GS Q2 Operating Profit 485.5 Billion KRW… 209% Increase YoY

[Asia Economy Reporter Choi Dae-yeol] GS Corporation announced on the 9th that its operating profit for the second quarter of this year reached 485.5 billion KRW, a 209% increase compared to the same period last year.

Sales amounted to 4.4405 trillion KRW, up 21% year-on-year, and net profit was 205.8 billion KRW, a 2061% increase. Compared to the first quarter, sales rose by about 4%, but operating profit decreased by 31%, and net profit fell by approximately 65%.

Based on the first half of this year, operating profit was 1.1919 trillion KRW, a 615% increase compared to the first half of last year. Sales for the first half reached 8.7251 trillion KRW, up 11% year-on-year, and net profit turned positive at 790.4 billion KRW.

A company official explained, "GS Caltex maintained favorable spreads in petrochemical products and lubricating base oils, resulting in improved performance compared to the same period last year, but profits related to inventory decreased, causing a decline compared to the previous quarter." He added, "The power generation subsidiaries, which benefited from winter heating demand in the first quarter, saw their second-quarter performance decline compared to the previous quarter."

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