GS Caltex posts 3.8% fall in Q1 operating profits

08 May 2008 08:30  [Source: ICIS news]

SINGAPORE (ICIS news)--South Korea's GS Caltex has posted a 3.8% year-on-year fall in first-quarter operating profits amid high raw material prices and lower refining margins, the company said on Thursday.

 

The company’s operating profits for the quarter totalled won (W) 225.4bn ($219.2m), from W234.2bn in the year-earlier period, it added.

 

However, GS Caltex posted a 54.9% increase in sales to W7,068bn.

Meanwhile, the company’s net income for the first quarter showed a loss of W23.2bn, compared with a gain of W114.7bn from the year-ago period.

 

The company did not elaborate on its results.

 

GS Caltex is one of the major refinery operators in South Korea besides SK Energy and S-Oil.

 

($1 = W1,028.1)

 

 

By: Brian Myung
65 6780 4359

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