GS Achieves Operating Profit of 5 Trillion Won... GS Caltex Records All-Time High Performance

[Asia Economy Reporter Oh Hyung-gil] GS Corporation announced on the 13th that it recorded annual sales of 28.7778 trillion KRW and an operating profit of 5.007 trillion KRW last year. Compared to the previous year, sales increased by 42.7% and operating profit by 88.8%.

GS Group headquarters (GS Tower) exterior view.

Last year's fourth-quarter sales decreased by 3.3% from the previous quarter to 7.1435 trillion KRW, and operating profit fell by 35.3% to 878.9 billion KRW.

A GS Group official stated, "The consolidated results for the fourth quarter declined compared to the previous quarter as GS Caltex recorded an operating loss due to increased inventory-related losses caused by falling oil prices for two consecutive quarters."

Regarding this year's performance outlook, the official said, "Although the decline in oil prices is showing signs of stabilization, the operating environment is changing with gradual decreases in liquefied natural gas (LNG) prices and global refining margins, so we are closely monitoring the impact accordingly."

Additionally, GS Caltex posted an operating profit of 3.9795 trillion KRW on a consolidated basis last year, marking a 97% increase from the previous year. Last year's sales amounted to 58.5321 trillion KRW, up 69% from the previous year. Both sales and operating profit achieved record highs.

The operating loss in the fourth quarter was 51.4 billion KRW. This was largely due to an operating loss of 191.9 billion KRW in the refining sector. GS Caltex explained, "The loss was due to inventory losses caused by the continued decline in oil prices for two consecutive quarters, resulting in a shift to a deficit."