Kogas first-quarter net profit sinks 47% on year to $166 million

摘要

Seoul-Korea Gas Corporation, the world's single-largest buyer of LNG, said May 8 its first-quarter net profit plunged 46.7% despite an over 17% gain in sales revenue, as it was hit by a domestic price freeze despite higher import costs.The state-run gas monopoly posted a Won 209.4 billion ($166 million) net income over January-March, compared with Won 393.2 billion a year earlier. Operating profit also fell 18.1% to Won 482.1 billion, down from Won 589.1 billion in the same period last year, the company said in a regulatory filing.