Korea Electric Power suffers losses in Q2 despite higher sales


SEOUL, Aug. 11 (Yonhap) — Korea Electric Power Corp. (KEPCO) reported on Friday that its earnings were still in the negative in the second quarter of the year, despite an increase in sales due to the ongoing Russia-Ukraine war.

Net losses amounted to 1.9 trillion won (US$1.43 billion) in the April-June period, a decrease from the 4.83 trillion-won loss recorded in the same time frame a year prior, according to a regulatory filing.

Operating losses totaled 2.27 trillion won, a smaller figure than the 6.51 trillion-won loss from the same period in the previous year. Nevertheless, it marked nine consecutive quarters of operating losses.

Sales rose to 19.62 trillion won, a 26.4 percent increase from the year before.

The operating loss was in line with the 2.1 trillion won estimate from Yonhap Infomax, the financial news arm of Yonhap News Agency.

“The operating loss in the second quarter decreased compared to the previous three-month period due to adjusted rates and stabilized fuel costs,” the company said in a statement.

In the first half of the year, KEPCO’s sales from electricity sales grew to 41.2 trillion won, a 28.8 percent rise from the year before, largely due to higher rates. The company spent 15.1 trillion won on purchasing resources and 21 trillion won on purchasing electricity from private power generation companies.

“We will work with the government to establish an electricity pricing system based on production costs and reduce financial risks,” the company added.

This photo taken on Aug. 7, 2023, shows the situation room at a branch of Korea Electric Power Corp. in Suwon, just south of Seoul. (Pool photo) (Yonhap)


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