KEPCO Q3 net income falls 77.9% to $627.1 mil.
State-run Korea Electric Power Corp. (KEPCO) on Thursday reported a third-quarter net income of 835.9 billion won ($627.1 million), down a sharp 77.9 percent from a year earlier. The public utility company said in a regulatory filing that it posted 1.64 trillion won in operating profit for the quarter, compared with 5.65 trillion won a year ago. Revenue also fell 2.6 percent to 26.85 trillion…
Korea Electric Power Corp (KEPCO), the state-owned electricity provider, reported a significant 77.9% drop in net income for the third quarter of 2022, amounting to $627.1 million. The sharp decline was attributed to increased fuel costs, higher global thermal coal prices, and reduced electricity sales. In the three months ending September, KEPCO's net profit declined to 835.89 billion won from 3.79 trillion won in the same quarter last year.
Operating profit tumbled 70.9% to 1.64 trillion won, while sales fell 2.6% to 26.85 trillion won. The company's spokesperson cited the rise in fuel prices as a key factor in the earnings drop. KEPCO plans to monitor volatile energy prices closely and maintain its emergency management system, which focuses on cost reduction and profitability-driven operations.
Since February 2022, when Russia invaded Ukraine, KEPCO has been managing under this emergency system due to the surge in fuel prices, which has increased its debt and interest payment expenses. For the first nine months of 2022, KEPCO's net profit fell 50.4% to 3.63 trillion won, and operating profit dropped 43.2% to 6.56 trillion won, while sales decreased by 0.8% to 73.17 trillion won.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
