By Kwanwoo Jun
Korea Electric Power Corp. reported a first-quarter net profit as lower fuel costs for its power plants offset a pandemic-induced decrease in electricity demand.
Net profit for the quarter ended March 31 was 53.16 billion Korean won ($43.7 million) compared with a net loss of KRW761.16 billion a year earlier, the South Korean company said Friday.
The result beat a FactSet consensus forecast for net profit of KRW34.36 billion.
Revenue fell 1.0% to KRW15.093 trillion. Operating profit coming of KRW430.55 billion was an improvement from an operating loss of KRW629.88 billion the year before.
Business restrictions aimed at curbing the coronavirus pandemic weakened demand for electricity and hurt revenue, but lower fuel costs improved earnings, the company said.
Write to Kwanwoo Jun at email@example.com
(END) Dow Jones Newswires
May 14, 2020 23:27 ET (03:27 GMT)
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