SEOUL– South Korea’s state-run gas company Korea Gas Corp. said Friday it swung to a net profit in 2021 thanks to increased sales and strong gas prices.
Consolidated net profit stood at to 964.5 billion won (US$802 million) last year, a sharp turnaround from a net loss of 160.7 billion won a year earlier, Korea Gas said in a regulatory filing.
Sales spiked 32.1 percent on-year to 27.5 trillion won, with operating income shooting up 37.9 percent to 1.2 trillion won.
The state company also said its net income came to 587.8 trillion won in the fourth quarter of last year, up 618 percent from a profit of 81.8 billion won a year earlier.
Sales jumped 78.3 percent on-year to 959.6 billion won in the October-December period, with operating profit surging 58.7 percent to 413 billion won.
Source: Yonhap News Agency