South Korea’s GS Caltex posts 85.6% drop in third quarter profit

South Korea’s second largest oil refiner, GS Caltex, posted an 85.6% drop in its third quarter profit, mainly due to foreign exchange losses. GS Caltex had a net profit of KRW29.8 billion ($26.5 million) in the quarter that ended in September, compared with a net profit of KRW207.0 billion (US$179.5 million) in the same period last year. Sales rose by 32.7%, from KRW8.69 trillion (US$7.5 billion) last year to KRW11.54 trillion (US$10 billion). Net income in the third quarter dropped by 90.7%, compared with second quarter figures. Operating profit declined by 5.8% but still showed a 19% profit compared with the second quarter. GS Caltex controls close to a fifth of the South Korean oil market and is a 50-50 joint venture between GS of South Korea and U.S.-based Chevron Corp. (November 14, 2011)