KEPCO's Profit Streak Extends to Seventh Consecutive Quarter
(MENAFN) South Korea's state-run power provider, Korea Electric Power Corp. (KEPCO), announced its seventh consecutive quarter of operating profit, citing increased electricity fees and decreased fuel expenses.
The company's consolidated operating profit saw a significant year-over-year jump of 188.9 percent, reaching 3.75 trillion won (2.7 billion U.S. dollars) in the first quarter. This marks a continuing trend of profitability since the third quarter of 2023, although the first-quarter earnings fell slightly short of market forecasts, which anticipated around 3.9 trillion won (2.8 billion dollars).
First-quarter revenue also showed growth, increasing by 4.0 percent year-on-year to 24.22 trillion won (17.1 billion dollars), while net income surged by 296.3 percent to 2.36 trillion won (1.7 billion dollars).
The rise in profit from electricity sales, up by 4.7 percent in the reported quarter, was attributed to higher electricity bills. Simultaneously, fuel costs experienced a substantial decline of 18.7 percent due to relatively stable energy prices.
Despite the ongoing streak of quarterly profits, KEPCO pointed out that its total operating losses since 2021 have accumulated to 30.9 trillion won (21.9 billion dollars).
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
