BUSINESS

KEPCO Q3 net drops 45% on increased costs

By Yonhap
  • Published : Nov 7, 2017 - 18:00
  • Updated : Nov 7, 2017 - 18:00

Korea Electric Power Corp., a major public utility firm in South Korea, said Tuesday that its net profit dropped almost 45 percent in the third quarter of the year from a year earlier due to increased fuel costs.

Net profit reached 1.62 trillion won ($1.46 billion) on a consolidated basis in the July-September period, compared to a profit of 2.94 trillion won a year earlier, the company said in a regulatory filing.

Operating income also sank 37.3 percent on-year to 2.77 trillion won, while sales increased 1.5 percent to 16.19 trillion won over the cited period.

(Yonhap)

In the first nine months of the year, the utility firm posted an operating income of 5.08 trillion won, down 53 percent from a year earlier, and sales declined 1.4 percent on-year to reach 44.26 trillion won.

Its net profit also plummeted 58 percent on-year to 2.88 trillion won in the January-September period, it said.

Last year, the company, widely known as KEPCO, posted a record high of 12 trillion won in operating profit, with its full-year revenue growing 2.1 percent to 60.1 trillion won. (Yonhap)