Q3 operating profit of South Korean refiners’ petrochemicals segment sky rockets

16-Nov-11

GS Caltex’s operating profit of its petrochemicals segment soared 125.3% year on year to Won 199.9 bln (US$177.7 mln) in Q3-2011, from Won 88.7 bln a year ago, as per Platts. GS Caltex, South Korea's second-largest oil refiner, attributes the profit to strong demand for its petrochemical products. Sales of the petrochem business increased 39.2% yoy to Won 1.37 trillion, from Won 986.4 bln in 2010. Q3 operating profit of the company's mainstay petroleum business fell 31.2% year on year to Won 83.4 bln vs Won 121.9 bln in the same period last year. Q3 sales of the oil segment rose 26.9% year on year to Won 9.52 trillion, compared with Won 7.50 trillion a year earlier. GS Caltex's bigger rival SK Innovation saw Q3 operating profit at its petrochemical business soar more than four times to Won 309.8 billion yoy. SK Global Chemical posted sales of Won 3.62 trillion billion in the quarter ended September, up 30.7% from Won 2.77 trillion a year earlier. The third-largest refiner, S-Oil saw its petrochemicals segment swing to an operating profit of Won 133.9 billion in Q3, compared with an operating loss of Won 2.5 billion a year earlier. Its petrochemicals segment recorded sales of Won 923.3 billion, sharply higher than Won 358.4 billion a year earlier.