GS Caltex Reports 1 Trillion KRW Operating Profit Last Year... Profitability Restored After 2 Years, Third Highest Ever
Operating Profit in Q4 Last Year Reached 609.2 Billion KRW
Refining Margin Increase Boosts Refining Performance
[Asia Economy Reporter Moon Chaeseok] GS Caltex succeeded in turning a profit last year after two years.
GS Caltex announced on the 10th that its consolidated operating profit for the fourth quarter of last year was 609.2 billion KRW, turning profitable compared to the same period last year and increasing by 53.1% compared to the previous quarter. Sales and net profit were preliminarily estimated at 11.2848 trillion KRW and 375 billion KRW, respectively, marking increases of 119.8% and 309.7% compared to the same period last year.
On an annual basis, operating profit turned positive to 2.0189 trillion KRW compared to -919.2 billion KRW in 2020. This marked the third highest performance ever after 2016 (2.1404 trillion KRW) and 2011 (2.02 trillion KRW), achieving profitability for the first time in two years. During the same period, sales increased by 54.9% to 34.5384 trillion KRW, and net profit turned positive to 1.0517 trillion KRW.
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Looking at the fourth quarter results by sector, the refining division recorded sales of 8.9167 trillion KRW and operating profit of 587.4 billion KRW, which are increases of 26.6% and 208%, respectively, compared to the previous quarter. This was due to rising refining margins amid continued demand recovery. The petrochemical division posted sales of 1.9163 trillion KRW, up 23.1% from the previous quarter, but operating loss turned to a deficit of 86.6 billion KRW during the same period. The spread of paraxylene (PX) and benzene (BZ) declined due to new capacity additions in the region. The lubricants division recorded sales of 451.7 billion KRW and operating profit of 108.4 billion KRW, down 6.2% and 38.0%, respectively, from the previous quarter. Performance declined as product spreads fell.
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