KEPCO Posts 53.6-B Won Q1 Net Profit With Help of Lower Oil Prices

Korea Electric Power Corp. (KEPCO) reported a 53.6 billion won first-quarter net profit, shifting from a 761.2 billion won loss a year earlier, due to 1.6 trillion savings in oil and gas purchases.

As the prices of oil and gas sharply plummeted amid the COVID-19 pandemic, KEPCO was able to limit fuel expenditures to 9 trillion won in the first quarter, down from 10.6 trillion won last year.

Operating income for the January-March period was 430.6 billion, shifting from a loss of 629.9 billion won a year ago.

Sales fell 1 percent to 15.09 trillion won over the cited period, with profits declining 133.1 billion won.

The company noted that while low global oil prices will lend it a hand, there are uncertainties caused by the COVID-19 pandemic and competition among oil producers that affect it.