GS Caltex first quarter net drops more than 50 percent

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GS Caltex first quarter net drops more than 50 percent

GS Caltex, the second-biggest refiner by sales in South Korea, said Wednesday its first-quarter net profit plunged 52 percent from a year earlier due to increased donations and other non-operating costs.

Net profit for the three months that ended in March fell to 87 billion won ($74 million), from 180 billion won for the same period of 2018, the company said in a statement.

Operating profit rose 17 percent, to 330 billion won, in the first quarter from 281 billion won a year ago. Sales were up 2 percent to 795 billion won, from 780 billion won, during the same period, it said.

Rising oil prices drove up the value of inventories in refining and petrochemical businesses, which in turn resulted in an increase in quarterly operating income.

GS Energy Corp. owns a 50-percent stake in GS Caltex, with the remaining 50 percent controlled by U.S. oil giant Chevron Corp.

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