(LEAD) KOGAS Q3 net more than triples on equity gains, lower costs

Detailed summary

(ATTN: RECASTS throughout; ADDS photo) SEOUL, Nov. 12 (Yonhap) -- Korea Gas Corp. (KOGAS...

SEOUL, Nov. 12 (Yonhap) -- Korea Gas Corp. (KOGAS), South Korea's state-run gas utility, said Thursday its third-quarter net profit more than tripled from a year earlier, driven by increased gains from equity investments and lower interest costs.

Net profit for the three months ended in September jumped to 272.4 billion won (US$204.6 million) from 86.8 billion won in the same period last year, the company said in a press release.

"Gains from investments in affiliated companies and lower interest costs on outstanding loans boosted our quarterly bottom line," a company spokesperson said.

Operating profit rose 51.1 percent to 587.8 billion won in the third quarter from 388.99 billion won a year ago. Sales climbed 17.8 percent to 7.5 trillion won from 6.37 trillion won.

The company attributed its improved operating performance to increased earnings from a liquefied natural gas (LNG) project in Canada, in which KOGAS holds a stake, and a gas exploration project in Mozambique.

For the first nine months of the year, net profit more than doubled to 1.16 trillion won from 539.09 billion won in the year-ago period.

Operating profit rose 33.5 percent to 2.17 trillion won from 1.63 trillion won during the same period. Sales inched up 0.3 percent to 26.82 trillion won from 26.73 trillion won.

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