The state-run Korea Gas Corp. said Monday its net profit for the first quarter tripled compared with the same period last year, driven by decreased spending on interest expenditures.
Net income came to 406.9 billion won (US$297.4 million) in the January-March period, up 191.9 percent from a year earlier, the company said in a regulatory filing.
Operating profit for the first-quarter period was 921.6 billion won, up 56.6 percent from a year ago, the company said.
Revenue, however, fell 28.6 percent to 12.81 trillion won, tracking a decrease in sales costs, the company added.
The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 453.6 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Shares of Korea Gas closed at 26,400 won on the main bourse, down 6.22 percent from the previous session. The first-quarter earnings report was released after the market closed.
Source: Yonhap News Agency