KOGAS Q2 Net Profit Soars 293 Percent on Equity Gains

Korea Gas Corp., South Korea's state-run gas utility, reported a significant surge in its second-quarter net profit. The company's net profit nearly quadrupled to 338.8 billion won (US$238.6 million) from 85.1 billion won a year earlier.

The increase was driven by increased equity gains, with the company citing 'increased gains from investments in affiliated companies' as a key factor.

KOGAS also attributed its higher operating profit to lower liquefied natural gas (LNG) procurement costs and higher earnings from its overseas gas exploration projects in Mozambique and Australia. The company's operating profit climbed 66.9 percent to 675.3 billion won in the second quarter.