Seoul: The state-run Korea Gas Corp. (KOGAS) announced a 9.8 percent decline in its first-quarter net profit, totaling 367.2 billion won (US$259.2 million). The decrease was noted in the company's recent regulatory filing.
According to Yonhap News Agency, KOGAS's operating income for the January-March period was 833.9 billion won, reflecting a 9.5 percent decline from the previous year. Additionally, sales experienced a slight drop of 0.6 percent, reaching 12.73 trillion won. The reported earnings were below market expectations, with analysts' average net profit estimate standing at 489.7 billion won, as indicated by a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.