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By Kwanwoo Jun
Korea Electric Power returned to a profit for the July-September period snapping a nine-quarter losing streak, thanks to electricity tariff increases and lower fuel-purchase costs.
The South Korean state utility on Monday reported a third-quarter net profit of 833.29 billion Korean won ($632.3 million).
That beat an FnGuide-compiled consensus forecast of a net profit of KRW685.80 billion.
The company last reported a profit in the first quarter ended March in 2021.
Revenue during the September quarter rose 24% on year to KRW24.470 trillion, with operating profit coming in at KRW1.997 trillion.
A series of tariff increases in South Korea since April in 2022 and stabilizing prices for fuel led Korea Electric Power to turn around, the company said.
However, growing uncertainties over oil prices in the wake of the Israel-Hamas conflict have added to uncertainty over whether the company can sustain the profit in the future, it added.
Write to Kwanwoo Jun at [email protected]
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