
Compared to the previous quarter, operating profit and net profit decreased by 25.8% and 39.9%, respectively.
AI-generated summary
GS announced that its consolidated operating profit for the third quarter was provisionally calculated to be KRW 1.2748 trillion, a 46.4% increase compared to the same period last year. Sales increased by 11.2% to KRW 7.2706 trillion, and net profit increased by 66.9% to KRW 680.4 billion. Compared to the previous quarter, sales decreased by 1.9%, and operating profit and net profit also decreased by 25.8% and 39.9%, respectively.
GS announced on the 5th that its consolidated operating profit in the third quarter of this year was provisionally calculated to be KRW 1.2748 trillion, up 46.4% from the same period last year.
Sales amounted to KRW 7.2706 trillion, an increase of 11.2% compared to the same period last year. Net profit increased 66.9% to 680.4 billion won.
However, compared to the previous quarter, sales decreased by 1.9%, and operating profit and net profit also decreased by 25.8% and 39.9%, respectively.
Operating profit decreased compared to the previous quarter due to the inventory effect caused by falling oil prices and exchange rates, but it is interpreted to have increased compared to the same period last year as high refining margins were maintained.
In the case of GS Caltex, an oil refining affiliate, consolidated operating profit in the third quarter recorded KRW 1.1447 trillion, a 207.6% increase compared to the same period last year. Sales increased by 60.9% to KRW 17.7641 trillion.
Looking at GS performance by division, the petrochemical division continued to suffer losses from the previous quarter as the rise in naphtha prices was not sufficiently reflected in product prices.
On the other hand, the lubricant division recorded its highest performance ever as the base oil spread remained high due to supply disruptions due to geopolitical risks, and the power generation division improved operating profit thanks to the entry into the peak season and an increase in SMP (wholesale power price).
A GS official said, "The fourth quarter will be filled with uncertainties such as oil price volatility due to the situation in the Middle East and the recent surge in crude oil transportation rates," and added, "How flexibly we respond to these changes in the market environment will determine our future performance."
AI outlook — possibilities, not facts
Uncertainties such as oil price volatility and a surge in crude oil transportation rates due to the Middle East situation will continue in the fourth quarter.
Likely · Within months

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