Korea Electric Power : Posted Profit for Second Quarter on Lower Fuel Costs

By Kwanwoo Jun

Korea Electric Power Corp. posted a net profit for the second consecutive quarter, thanks to globally lower fuel costs for its power plants.

Net profit was 202.85 billion won ($171.4 million), compared with net loss of KRW412.18 billion a year earlier, the South Korean company said Thursday. That beat a FactSet consensus forecast for net loss of KRW458.59 billion.

Revenue was roughly flat at KRW13.073 trillion, as the company posted an operating profit of KRW389.81 billion, compared with an operating loss of KRW298.66 billion a year earlier.

The company said a sharp reduction in fuel-purchase costs drove the earnings turnaround despite sluggish sales growth on the pandemic-induced weakness in electricity demand.

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