Korea Gas Corporation's third quarter operating profit was 587.8 billion won... 51.1%↑ compared to last year (comprehensive)

Korea Gas Corporation [036460] announced on the 12th that its operating profit in the third quarter of this year on a consolidated basis was provisionally calculated to be 587.8 billion won, an increase of 51.1% from the same period last year.

This operating profit exceeded the market forecast of 494.4 billion won compiled by Yonhap Infomax by 18.9%.

Sales amounted to KRW 7.5059 trillion, an increase of 17.8% compared to the same period last year. Net profit increased 213.8% to 272.4 billion won.

As of the third quarter of this year, cumulative sales increased 0.3% to 26.8161 trillion won, and operating profit increased 33.5% to 2.1731 trillion won.

Korea Gas Corporation explained that sales increased by 81.1 billion won in the first to third quarters of this year compared to the same period last year.

Operating profit increased in overseas businesses due to the influence of energy prices and increases in unit sales.

The operating profit of six major overseas business sites, including Myanmar and Australia, soared from 296.8 billion won in the first to third quarters of last year to 740.8 billion won this year.

The operating profit of the liquefied natural gas (LNG) Canadian business and the Mozambique Coral floating offshore LNG liquefaction plant (FLNG) increased by KRW 382.2 billion and KRW 38.9 billion, respectively.

KOGAS' assets amounted to 53.047 trillion won, a 1.1% decrease compared to last year. This was influenced by a decrease in sales volume during the summer and an increase in receivables for raw material costs.

Debt decreased by 3.4% to KRW 41.3533 trillion, and capital increased by 8.3% to KRW 11.6938 trillion, resulting in a debt ratio of 354%. This is a decrease of 43 percentage points (p) from the end of last year (397%).

However, because KOGAS supplied gas at a price lower than the cost, receivables in the form of 'credit value' that were not actually received from customers increased further.

As of the third quarter, civil receivables for city gas amounted to KRW 13.8277 trillion, an increase of KRW 288.6 billion from the first half of this year (KRW 13.7872 trillion), and receivables for power generation increased by KRW 142.8 billion to KRW 533.7 billion.

Total receivables amounted to KRW 14.6451 trillion, which was KRW 466.9 billion more than the first half of the year (KRW 14.1782 trillion).