GS Caltex Q3 operating profit at 1.1 trillion won, down 55% QoQ

[Financial News] GS Caltex’s operating profit for the third quarter of this year rose 208% year on year but fell 55% from the previous quarter. Despite strong refining margins, rising crude oil transportation costs and insurance premiums, along with inventory-related losses, weighed on profitability in the refining division.
GS Caltex said on the 5th that its consolidated revenue for the third quarter of this year was 17.7641 trillion won, with operating profit of 1.1447 trillion won. The figures were up 61% and 208%, respectively, year on year. Compared with the previous quarter, revenue rose 7%, while operating profit fell 55%.
The refining division posted revenue of 14.4404 trillion won and operating profit of 696.8 billion won. Operating profit fell about 68% from 2.1993 trillion won in the previous quarter. Refining margins remained strong amid disruptions to the operation of global refining facilities and logistics constraints, but higher crude procurement costs and inventory-related losses affected results.
The lubricants division posted revenue of 903.7 billion won and operating profit of 448.9 billion won. The lubricant base oil spread remained high due to disruptions in the supply of petroleum products, leading operating profit to rise from the previous quarter.
The petrochemicals division posted revenue of 2.42 trillion won and an operating loss of 1 billion won. Aromatics spreads improved as operating rates were adjusted due to scheduled maintenance and other factors, narrowing the loss from the previous quarter.  

[email protected] Kim Mi-hee Reporter