Korea Gas Corp. (KOGAS) on Friday said it has shifted to a net profit in the second quarter from a year earlier.
Net profit came to 253.3 billion won (US$185.9 million) over the April-June period, shifting from a loss of 66.7 billion won a year earlier, the company said in a regulatory filing.
Operating income for the April-June period was 465.7 billion won, up 127.1 percent from a year ago, the company said in a regulatory filing. Revenue fell 7.8 percent to 7.48 trillion won.
The company said that its net profits gained ground despite fluctuations in gas prices, even though its expenditures, including interest payments, remained nearly unchanged.
KOGAS added that while the company secured 89.6 billion won from lawsuits in the first half of 2022, which contributed to a relative decrease in operating profits the following year, this impact has since been eliminated.
The company, however, noted the amount of uncollected payments, which refers to the expenditures used to purchase gas that have not been re
covered through gas bills, is expected to rise down the road despite a hike carried out in August.
The amount of the uncollected payments was estimated at 13.7 trillion won as of the second quarter.
Shares of Korea Gas closed at 41,400 won on the main bourse, up 0.36 percent from the previous session. The second-quarter earnings report was released after the market closed.
Source: Yonhap News Agency