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Korea Electric Power swings to loss on higher operating costs

Korea Electric Power Corp. swung to a loss in the first quarter due to higher fuel and purchased power costs.

The South Korean electric power supplier reported a loss of 250 billion won in the first quarter from income of 900 billion won in the same quarter last year.

Operating revenue went up 3.7% to 15.706 trillion won for the quarter from 15.147 trillion won, driven by sales of electric power totaling 14.718 trillion won, up from 13.943 trillion won.

Fuel expenses stood at 5.441 trillion won, up 26.6% from 4.297 trillion won, while purchased power expenses climbed 27.4% to 4.872 trillion won from 3.824 trillion won. Korea Electric Power said a decrease in the utilization ratio of its nuclear power plants and higher international fuel prices drove the increase.

Operating loss for the quarter came in at 128 billion won for the quarter, down 108.7% from operating income of 1.463 trillion won in the same quarter last year.

As of May 14, US$1 was equivalent to 1,069.31 South Korean won.