GS Caltex Q3 Operating Profit Hits 1.1447 Trillion Won, Up 208% YoY
Operating profit fell 55% from the previous quarter.
GS Caltex reported consolidated revenue of KRW 17.7641 trillion and operating profit of KRW 1.1447 trillion in the third quarter of this year. Revenue rose 61% and operating profit increased 208% year over year. However, compared with the previous quarter, revenue rose 7% while operating profit fell 55%.
GS Caltex's third-quarter revenue was driven by its refining and lubricants segments. The refining segment recorded revenue of KRW 14.4404 trillion and operating profit of KRW 696.8 billion, while the lubricants segment posted revenue of KRW 903.7 billion and operating profit of KRW 338.9 billion.
The petrochemical segment recorded revenue of KRW 2.42 trillion and an operating loss of KRW 1 billion. Aromatics spreads improved as the company adjusted operating rates at its production facilities due to scheduled maintenance and other factors, reducing the operating loss compared with the previous quarter.
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A GS Caltex official said, "Refining margins have remained strong amid geopolitical risks, including disruptions to global refining facilities and logistical constraints." The official added, "However, the actual improvement in profitability has been limited, as operating profit declined compared with the previous quarter due to higher crude oil procurement costs, including transportation and insurance, and inventory-related losses."
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