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Korea Electric Power posts quarterly, half-year net losses

Korea Electric Power Corp. posted net losses in the second quarter and first half of 2018 due to higher fuel costs, but said it was expecting earnings to recover in the second half as it also pursues a cost-savings plan.

The consolidated net loss attributable to owners of the company was 949 billion South Korean won in the quarter ended June 30, compared to net income of 327 billion won in the prior-year period.

Operating losses were 687 billion won in the second quarter, compared to operating income of 846 billion won a year earlier.

Second-quarter operating revenues increased year over year to 13.337 trillion won from 12.926 trillion won.

In the first half, the net loss attributable to owners of the company was 1.226 trillion won, compared to net income of 1.194 trillion won a year ago.

The company posted an operating loss of 815 billion won in the first half, down from operating income of 2.310 trillion won in the same period a year prior.

Operating revenues came in at 29.043 trillion won in the first half, up from 28.072 trillion won a year earlier.

On a call with analysts, Korea Electric Power Vice President Jong-Soo Kim said the company aims to maintain profitability in 2018 by implementing cost-savings and program improvements valued at 1.1 trillion won on a full-year basis, and by winning new overseas projects.

"In the short term, we expect second half results to improve versus the first half given that seasonally, third quarter is a period with strong profitability and also as we see nuclear utilization recovering," the executive said.

As of Aug. 10, US$1 was equivalent to 1,128.92 South Korean won.