GS Caltex swings to black in Q3 on refining margin

By Nam Kwang-sik
SEOUL, May 8 (Yonhap) -- GS Caltex Corp., South Korea's second-largest oil
refiner, said Friday it returned to profit in the first quarter from a year
earlier on the back of increased refining margins.

Net profit came to 178.1 billion won (US$142 million) in the first three months
to March, compared with a net loss of 23.2 billion won a year ago, GS Caltex
said in a statement.
Sales, however, fell 26 percent annually to 5.24 trillion won during the same
period, while operating profit rose 37 percent to 308.7 billion won.
Unlisted GS Caltex is a 50-50 joint venture between GS Holdings Corp. of South
Korea and Chevron Corp., the second-biggest U.S. oil company.
ksnam@yna.co.kr
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