GS Caltex Q2 net more than triples on brisk sales

SEOUL, Aug. 19 (Yonhap) -- GS Caltex Co., South Korea's second-largest refiner, said Friday that its second-quarter earnings more than tripled from a year earlier thanks to brisk sales in its petrochemical sector. Net income came to 321 billion won (US$260 million) in the April-June period, compared with a profit of 100 billion won a year ago, the company said in a regulatory filing. Sales jumped 42.1 percent on-year to 12.2 trillion won over the same period, and operating profit rose 34.6 percent to 365 billion won. The refiner said exports reached a record 8.2 trillion won in the second quarter, helped by increased sales of light oils. Overseas sales accounted for 66 percent of its second-quarter sales. GS Caltex said the strong second-quarter bottom line is attributable to increased sales of petrochemical products, underpinned by an oil price hike and to expansion of its lubricating business. Operating profit, however, fell sharply from the previous quarter due to a temporary price cut in line with the South Korean government's anti-inflation policy, it added. Its refinery sector saw 10.1 trillion won in sales and 27.2 billion won in operating profit. Sales in the petrochemical business reached 1.5 trillion won and the lubricating oil division had 275.2 billion won in sales. In the first half, GS Caltex posted 23.7 trillion won in sales and 1.2 trillion won in operating profit. GS Holdings Co., the parent company of GS Caltex, reported that sales rose 35 percent on-year to 1.99 trillion won in the second quarter but net profit plunged 56.3 percent to 205 billion won. Shares of GS Holding closed at 65,900 won on the Seoul bourse, down 10.46 percent from the previous session.