KEPCO Q3 net plunges 78% on higher fuel costs
The state-run Korea Electric Power Corp. (KEPCO) said Thursday its third-quarter net profit plunged 78 percent from a year earlier due to higher fuel costs. Net profit for the three months ended in September fell to 835.89 billion won from 3.79 trillion won in the same period last year, the company said in a press release. "Electricity sales declined, while global thermal coal prices continued to…
State-run Korea Electric Power Corp. (KEPCO) reported a staggering 78% drop in net profit for the third quarter, falling to 835.89 billion won compared to 3.79 trillion won in the same period last year. This decline was attributed to a surge in global thermal coal prices and a dip in electricity sales. The company's power-generating subsidiaries, including Korea South-East Power, saw combined fuel costs exceed 2.2 trillion won, further impacting earnings.
Operating profit plummeted 70.9% to 1.64 trillion won, while sales slipped 2.6% to 26.85 trillion won. Despite these challenges, KEPCO pledged to monitor volatile energy prices and maintain an emergency management system aimed at improving financial standing through cost-cutting and profitability-driven operations.
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Also reported by 2 other outlets
- KEPCO Q3 net plunges 78% on higher fuel costs koreatimes.co.kr
- (LEAD) KEPCO Q3 net plunges 78 pct on higher fuel costs en.yna.co.kr
