Seoul: Korea Gas Corp. (KOGAS) has announced a significant decline in its second-quarter net profit, reporting a figure of 85.1 billion won (US$61.3 million), which marks a 66.4 percent decrease from the same period last year. The company's regulatory filing revealed that despite the drop in net income, there was a slight increase in revenue.
According to Yonhap News Agency, KOGAS's operating income for the April to June period experienced a decrease of 13.1 percent year-on-year, amounting to 404.6 billion won. However, the company saw its revenue rise by 1.9 percent, reaching a total of 7.63 trillion won.
The reported earnings have not met market expectations, as analysts had anticipated a higher net profit. A survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency, had projected the average net profit to be around 150.3 billion won.