GS Caltex posts higher Q1 profit despite lower sales

摘要

Seoul-GS Caltex, South Korea's second-largest refiner, swung to a net profit in the first quarter, though sales revenue was down 26%, underscoring its improving profitability despite the ongoing global economic slowdown.The refiner posted net profit of Won 178.1 billion ($141.1 million) for the first three months of the year, compared with a Won 23.2 billion net loss in the same period of 2008. Operating profit jumped 37% to Won 308.7 billion, from Won 225.4 billion a year ago.