Stocks of S. Korean EV battery firms plummet after Tesla announced plans to manufacture own batteries
KEPCO shifts to 203-B won Q2 net profit due to low fuel costs
Korea Electric Power Corp. (KEPCO) shifted to a net profit of 202.85 billion won in the second quarter from a net loss of 412.18 billion a year earlier on decreased fuel costs.
Sales remained unchanged at 13.07 trillion won.
KEPCO also posted as an operating profit of 389.81 billion won in the second quarter after enduring an operating loss of 298.66 billion won last year.
According to a KEPCO spokesman, the profit resulted from lower oil prices pulling down the company's purchasing costs of liquefied natural gas and coal prices in the second quarter.
Decreased fuel costs also helped KEPCO swing to a net profit of 256.46 billion won from January to June, from a 1.17 trillion won net loss in the same period last year.
Prices of fuel dropped to 15.8 trillion in the first half this year, from 18.7 trillion won in 2019.
KEPCO also posted a first-half operating profit of 820.36 billion won after registering an operating loss of 928.54 billion in the same period a year ago.
Sales fell 0.5 percent in the first half to 28.17 trillion won from 28.32 trillion won.