Korea Electric Power Corp. (KEPCO), the state-run utility giant, announced on Wednesday a robust financial performance for the first quarter, with **net income rising over 6 percent** year-on-year. This notable increase was achieved despite modest sales growth, largely attributed to the company’s diligent **cost-saving efforts** implemented under an emergency management mode.
For the January-March period, KEPCO’s **net profit reached 2.51 trillion won ($1.7 billion)**, marking a significant **6.7 percent increase** compared to the same period last year, as detailed in the company’s recent regulatory filing.
During the same quarter, **operating profit climbed 0.8 percent year-on-year to 3.78 trillion won**, alongside a **0.7 percent rise in revenue, totaling 24.39 trillion won**.
Delving into the specifics, the **public utility company** reported a **0.1 percent year-on-year increase in electricity sales profit**, reaching **23.2 trillion won** over the first three months of the year.
**Operating costs** saw a modest increase of **0.7 percent to 20.6 trillion won.** This contained growth was largely due to the fact that the significant surge in **global oil and liquefied natural gas prices**, triggered by geopolitical events reported in late February, had not yet been fully incorporated into the **first-quarter financial results**.
**KEPCO anticipates that the recent surge in global energy prices will likely impact the company’s second-quarter earnings**, signaling potential future financial challenges.
While **KEPCO successfully posted a net profit in the first quarter** through dedicated **cost-saving initiatives** and efforts to enhance fiscal stability, the company continues to manage a substantial **debt of 206 trillion won**, incurring daily interest payments of approximately **11.4 billion won**.
