GS, 1Q Operating Profit 1.0163 Trillion Won...5.8% Decrease YoY

GS announced on the 9th that its sales for the first quarter were 6.289 trillion KRW, and operating profit was 1.0163 trillion KRW, down 7.7% and 5.8% respectively compared to the same period last year. Net profit also fell 8.7% to 476 billion KRW.

A GS representative explained, "GS Caltex's performance was relatively favorable due to improved inventory-related gains and losses from the gradual rise in oil prices, as well as steady refining margins and lubricant margins," but added, "Operating profit and net profit decreased compared to the same period last year due to the overall weakening of profitability of power generation subsidiaries caused by the decline in SMP (System Marginal Price)."

They continued, "Geopolitical issues in the Middle East and Europe, along with the pace and extent of global economic recovery, will be key factors for this year's performance."