GS Posts Q2 Operating Profit of KRW 484.6 Billion, Down 39.4% Year-on-Year

GS posted somewhat sluggish results in the second quarter of this year due to falling energy prices, including crude oil.

On August 14, GS announced that its revenue for the second quarter of this year was KRW 5.938 trillion, with operating profit of KRW 484.6 billion and net profit of KRW 88.5 billion.

Exterior view of GS Group headquarters (GS Tower).

Compared to the same period last year, revenue, operating profit, and net profit decreased by 4.2%, 39.4%, and 67.9%, respectively.

GS explained that the decline in crude oil prices and the system marginal price (SMP) for electricity had a negative impact on its performance. The drop in spreads for petrochemical products also dragged down results.

GS stated, "While the recovery of refining margins in the second quarter was a positive factor, inventory-related losses caused by the decline in oil prices offset these gains." The company added, "Profitability worsened year-on-year as weak petrochemical product margins persisted due to the uncertainty in U.S. tariff policies and a decrease in global trade volume."

GS further commented, "With some of the uncertainty surrounding U.S. tariff policies resolving in July and August, we expect a recovery in global demand in the second half of the year."

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