GS Caltex Reports Operating Loss of 352.9 Billion KRW in Q3... 'Turned to Deficit'

GS Caltex announced on the 7th that it recorded an operating loss of 352.9 billion KRW on a consolidated basis in the third quarter, turning to a deficit compared to the previous year. The performance deteriorated due to increased inventory-related losses caused by the decline in oil prices.

During the same period, sales were recorded at 11.6521 trillion KRW, down 12.2% from the same period last year. The net loss for the period was 224 billion KRW, also turning to a deficit compared to the previous year.

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The refining division recorded sales of 9.1989 trillion KRW and an operating loss of 500.2 billion KRW. It was explained that operating profit turned to a loss compared to the previous quarter due to weak oil prices and product spreads amid ongoing economic slowdowns in the US and China and the postponement of OPEC+ production cut easing.

The petrochemical division recorded sales of 1.9808 trillion KRW and an operating profit of 24.4 billion KRW. The company diagnosed that operating profit decreased compared to the previous quarter due to a decline in aromatic spreads caused by oversupply of paraxylene (PX) and reduced demand in the US and China.

In addition, the lubricants division showed sales of 472.4 billion KRW and an operating profit of 122.8 billion KRW. Sales and operating profit remained at similar levels to the previous quarter due to a decline in raw material prices and steady demand for the 500N base oil product.

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