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[Alpha Biz=(Chicago) Reporter Kim Jisun] GS announced on the 14th that its consolidated operating profit fell 27% year-on-year to 3.7179 trillion won last year. Sales fell 9 percent to 25.9785 trillion won over the same period.
In particular, the sluggishness of GS Caltex, its flagship affiliate, was painful. GS Caltex's operating profit last year was 1.6838 trillion won, down 58% from the same period last year.
GS Caltex's poor performance is due to falling oil prices and refining margins. GS Caltex's operating profit in the oil refining sector recorded KRW 12.5 billion in the fourth quarter of last year, down 99% from KRW 956.2 billion in the previous quarter.
The situation is similar for GS Energy. Last year, GS Energy's operating profit fell 31% year-on-year to 2.6415 trillion won. Sales also fell 16% to 6.519 trillion won. In particular, the drop in oil prices had a big impact. In the fourth quarter of last year, GS Energy's operating profit fell 629.5 billion won and 1% year-on-year.
In addition, GS EPS and GS E & R recorded operating profit of 459.2 billion won and 173.5 billion won last year, respectively, down 25% and 31% from the previous year.
On the other hand, GS Retail's operating profit rose 12% year-on-year to 405 billion won last year on the back of the effect of opening new stores at convenience stores and supermarkets and streamlining sales and government expenses. Sales also rose 5 percent to 11.6125 trillion won over the same period.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
