Kogas’ earnings drop despite rise in sales volume
South Korean Kogas, the world’s second-largest corporate LNG buyer, reported a drop in net income despite a slight increase in natural gas sales volume.
According to the company’s quarterly report, Kogas’ net income dropped 2.2 percent from 511 billion won (US$456.1 million) to 500 billion won ($446.2 million).
Total natural gas sales reached 10.9 million metric tons, an increase of 0.6 percent compared to the corresponding period in 2016.
However, a sales price decline saw the company report a 7.71 trillion won revenue, dropping 0.6 percent compared to the first quarter in 2016.
Kogas’ operating profit also declined during the quarter under review, from 894 billion won to 827 billion won ($738 million).
1 KRW = 0.000892711 USD