GS Corporation Reports 3Q Operating Profit of 637 Billion KRW, Up 34.4% YoY

[Asia Economy Reporter Hwang Yoon-joo] GS Corporation announced on the 8th that its consolidated operating profit for the third quarter reached 637 billion KRW, a 34.4% increase compared to the same period last year. During the same period, sales rose 40.3% to 4.4405 trillion KRW, and net profit increased 93.2% to 523.8 billion KRW.

Accordingly, GS Corporation recorded cumulative sales of 14.2391 trillion KRW, operating profit of 1.8289 trillion KRW, and net profit of 1.3142 trillion KRW for the third quarter of 2021.

This represents a 20.8% increase in cumulative sales compared to 11.7913 trillion KRW in the same period last year, a 185.4% increase in operating profit compared to 640.8 billion KRW, and a turnaround from a net loss of 14.6 billion KRW.

A GS official explained, "GS Caltex saw an increase in sales and operating profit compared to the previous quarter due to rising refining margins amid recovering demand," adding, "The power generation subsidiaries achieved solid results overall due to increased electricity demand from seasonal factors and a rise in SMP (the price at which electric energy is sold to KEPCO through the power exchange), enabling us to achieve satisfactory performance."

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