Korea Electric Power swings to black in Q2

By Nam Kwang-sik
SEOUL, July 24 (Yonhap) -- The state-run Korea Electric Power Corp.(KEPCO) said
Friday it moved back into the black in the second quarter, reaping the rewards of
a fall in fuel costs that was helped by the local currency's gain against the
U.S. dollar.

KEPCO posted a net profit of 239 billion won (US$191.3 million) in the three
months ended June 30, compared with a net loss of 763 billion won a year ago, the
company said in a regulatory filing.
Sales rose 7.4 percent year-on-year to 7.37 trillion won in the period. It
recorded an operating profit of 233.6 billion won compared with an operating loss
of 908 billion won.
The company attributed the fuel cost fall to a stronger local currency. The South
Korean won rose 8.6 percent against the U.S. dollar in the second quarter.
Shares of KEPCO fell 1.24 percent to 31,900 won as of 1:50 p.m on the Seoul bourse.
In July, KEPCO purchased stakes in overseas energy companies to secure stable
sources of fuel.
The company bought a 1.5 percent stake in Adaro Energy, Indonesia's
second-largest coal producer, for US$56.5 million and a 17 percent stake in
Canadian uranium producer Denison Mines Corp. for $68 million.
ksnam@yna.co.kr
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