KEPCO records net profit of $2bn in 2003

16 February 2004 – The Korea Electric Power Corp. (KEPCO), South Korea’s state-run power monopoly, said today that it recorded a net profit of $2bn on sales of KRW22.4tn last year.

The net profit, however, was a 24.3 per cent drop from a year before, due to increased purchases of electricity from power-generating companies and foreign exchange losses resulting from a strong Japanese yen, a KEPCO official said.

* Operating profit also declined 3.7 per cent to KRW70bn, and ordinary profit fell 28.4 per cent to KWR1.23tn, the official said.

* KEPCO’s total assets amounted to KRW56.47tn, up 4.7 per cent, while its debt-equity ratio recorded 50 per cent.