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GS Caltex shifts to loss in Q1 on inventory losses

All News 16:36 May 11, 2020

SEOUL, May 11 (Yonhap) -- GS Caltex Corp., South Korea's second-largest refiner by sales, said Monday that it swung to a net loss in the first quarter from a year earlier due to inventory losses and falling refining margins.

For the January-March period, GS Caltex posted a net loss of 1.01 trillion won (US$828 million), shifting from a net profit of 87.3 billion won a year earlier, the company said in a statement.

GS Caltex said the net loss is blamed on inventory losses caused by low crude oil prices, and falling refining margins.

Refining margins are linked to international oil prices. Higher crude prices mean greater margins, or the difference between the total value of petroleum products and the cost of crude and related services.

GS Caltex also shifted to an operating loss of 1.03 trillion won from an operating profit of 329.5 billion won a year earlier.

Sales fell 11.1 percent on-year to 7.07 trillion in the first quarter.

GS Caltex is a 50:50 joint venture between GS Energy and Chevron Corp, the second-largest U.S. oil producer.

This file photo shows workers talking near GS-Caltex plant in Yeosu, about 455 kilometers south of Seoul. (Yonhap)

entropy@yna.co.kr
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