GS Q1 Operating Profit 1.0625 Trillion KRW... 14% Decrease YoY
GS Corporation announced on the 9th that its operating profit for the first quarter was 1.0625 trillion KRW, a 14.2% decrease compared to the same period last year.
Sales decreased by 1.8% to 6.8365 trillion KRW, and net profit fell by 30.4% to 521.1 billion KRW. GS Caltex's performance declined due to inventory-related losses caused by falling oil prices for three consecutive quarters.
GS Caltex's sales increased by 5% year-on-year to 11.8736 trillion KRW, but operating profit dropped sharply by 72% to 306.8 billion KRW.
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A GS official explained, "Due to recent financial instability and a global economic downturn, oil prices are on a downward trend, and global refining margins are rapidly declining, worsening the business environment. We are closely monitoring whether the business environment will actually improve with the start of the driving season in the second half and the effects of China's reopening."
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