(LEAD) KEPCO logs net loss in Q3 on higher fuel costs

SEOUL, Nov. 12 (Yonhap) -- Korea Electric Power Corp. on Friday reported a net loss in the third quarter of this year as it froze utility fees despite a hike in global fuel costs.

Net losses came to 1.03 trillion won (US$872.88 million) during the July-September period, swinging from a net profit of 1.25 trillion won a year earlier, according to the regulatory filing compiled by KEPCO.

It marked the second consecutive quarterly loss, after the company logged a net loss of 673.9 billion won in the second quarter.

The company also posted an operating loss of 936.7 billion won during the period, compared with an operating profit of 2.33 billion won a year ago.

Sales rose 4.8 percent on-year to 16.46 trillion won over the cited period.

The loss came as the company had kept utility fees steady in the second and third quarters to reduce financial burdens on consumers amid the COVID-19 pandemic despite the surge in global fuel prices.

In October, the company terminated the discount of 3 won per kilowatt-hour, which had been applied since the first quarter, effectively raising costs for households. It marked the first increase in the electricity rate since November 2013.

KEPCO said it will strive further to create new business opportunities and improve profits.

Shares in KEPCO closed at 23,150 won on the main bourse, up 1.54 percent from the previous session. The earnings report was released during the trading session.

graceoh@yna.co.kr
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