Korea Electric Power estimate of profit short of expectations

Home > Business > Industry

print dictionary print

Korea Electric Power estimate of profit short of expectations

Korea Electric Power Corporation, the state-run electricity distributor, posted a quarterly profit that missed analyst estimates on higher costs from nuclear reactor shutdowns and foreign-exchange losses from a weaker won.

Net income based on controlling interests was 133.3 billion won ($121 million) in the three months ended March 31, compared with a 538.1 billion won loss a year ago, the Seoul-based company said in a filing today. The average of 11 analyst estimates compiled by Bloomberg was a profit of 531.3 billion won. The shutdown of some nuclear reactors because of scheduled maintenance and technical issues forced a switch to coal and gas-fired plants to meet power demand, the company said. The cost of nuclear-power generation is 3 won per kilowatt, compared with 22 won at coal-fired plants and 89 won for gas, according to the Ministry of Trade, Industry and Energy.

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now