The state-run Korea Gas Corp. posted 10.2 trillion won ($9.2 billion) in sales in the first quarter of this year, an 18.4 percent increase compared to the same period last year.
According to its business report, KOGAS’ quarterly profits reached 865.4 billion won, a 20 percent increase from a year earlier, largely thanks to an increase in its overseas business.
KOGAS also reported an increase in investment returns by 82.2 billion won, as well as a net profit of 581.2 billion won, a 37.6 percent increase from the same period last year.
The KOGAS-invested GLNG Train 1 Construction project in Australia (KOGAS)
As regards its expanding overseas business activity, KOGAS promoted 26 businesses in the first quarter across 13 countries in Asia, Africa, North America and South America.
Its overseas businesses include resource exploration ― for oil reserves ― and development and production ― of oil based on information gathered from resource exploration.
KOGAS also invested in foreign gas companies to secure a steady supply of liquid natural gas, and has also sold technology regarding oil reserves overseas.
KOGAS said in its presentation that they strive to produce stable profits from its domestic business while seeking new areas of growth through overseas businesses.
By Sang Youn-joo (sangyj@heraldcorp.com)