KEPCO Expected to Shift to Profit in Q3

Power monopoly KEPCO, which has been losing trillions, is projected to shift to profit in the third quarter this year thanks to an electricity price hike and a drop in international energy prices.

According to financial information service FnGuide, brokerages forecast KEPCO's third-quarter operating profit at an average W1.68 trillion (US$1=W1,304).

Chances of a profit have grown due to rising electricity consumption during the summer and a utility fee hike.

The last time KEPCO posted a quarterly profit was in the first quarter of 2021.

Brokerages estimate KEPCO's losses to have narrowed in the second quarter to an operating loss of around W1 trillion.

The state-run power company will also still have more than W40 trillion in accumulated losses even if it shifts into the black.