GS-Caltex Corp., South Korea's second-largest refiner by sales, said Thursday its second-quarter net profit jumped 74 percent from a year earlier as high oil prices pushed up the prices of inventories and completion of maintenance work boosted sales.
Net profit for the three months that ended on June 30 came to 235.1 billion won (US$210 million), up from 135.3 billion won a year earlier, the company said.
Operating profit soared 178.4 percent on-year to 584.6 billion won in the second quarter. Sales rose 30.4 percent on-year to 9.05 trillion won.
|Workers talk near a GS-Caltex plant in Yeosu, about 455 kilometers south of Seoul. (Yonhap)|
GS-Caltex, in addition, announced it will invest 2.6 trillion won to build an olefins plant in the southern industrial city of Yeosu.
The mixed feed cracker in Yeosu will have an annual production capacity of 700,000 tons of ethylene and 500,000 tons of polyethylene. Yeosu is located about 455 kilometers south of Seoul.
GS-Caltex plans to begin commercial operation of the plant in 2022. (Yonhap)