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S.Korea's state power utility posts record operating loss in Q3

SEOUL
2022-11-11 15:21

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SEOUL, Nov. 11 (Xinhua) -- South Korea's state-run power utility Korea Electric Power Corp. (KEPCO) posted a record-high operating loss in the third quarter on higher fuel costs, the company said Friday.

Operating loss came to 7.53 trillion won (5.7 billion U.S. dollars) in the July-September quarter, marking the biggest third-quarter loss in the company's history.

It was higher than the second-quarter operating loss of 6.52 trillion won (4.9 billion dollars) and neared a record quarterly loss of 7.79 trillion won (5.9 billion dollars) tallied in the third quarter.

For the first nine months of this year, the accumulated operating loss reached a new high of 21.83 trillion won (16.5 billion dollars), soaring from a loss of 1.12 trillion won (849.5 million dollars) in the same period of last year.

Revenue grew 14.7 percent over the year to 51.77 trillion won (39.3 billion dollars) in the January-September period due to higher electric power sales and electric charge hikes.

However, operating cost surged 59.1 percent to 73.6 trillion won (55.8 billion dollars) in the nine-month period on the back of soaring fuel costs, the KEPCO said.
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