[2020년 주요기업 실적]
Nexen, 72.7% of operating profit from coronavirus ↓
Hwashin also -10.6 billion… DI turned to surplus
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Korea Electric Power (015760)Last year, it recorded an operating profit of over 4 trillion won and turned to a surplus after three years. This is the effect of drastically reducing fuel and electricity purchase costs due to the fall in international oil prices due to the aftermath of the novel coronavirus infection (Corona 19).
On the 19th, KEPCO announced on the 19th that last year, consolidated sales amounted to 58 trillion 600 billion won and operating profit was 4.4 trillion won respectively. Sales declined from 59 trillion won in 2019, the previous year, but operating profit turned from -1.28 trillion won in the same period to a massive surplus. KEPCO recorded a deficit of 200 billion won in 2018 as well, and succeeded in escaping the deficit in three years.
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Last year’s good performance was largely affected by a decrease of 6 trillion won in fuel costs and electricity purchase costs from power generation subsidiaries from 36 trillion won in 2019 to 30 trillion won last year due to the fall of oil prices in the aftermath of Corona 19.
Specifically, fuel costs for subsidiaries decreased by KRW 3.5 trillion compared to the previous year due to falling fuel prices such as oil and bituminous coal prices. Electricity purchase cost increased by 2.0% from private power generation companies, but decreased by 2.5 trillion won due to liquefied natural gas (LNG) and falling oil prices. The fact that the utilization rate of nuclear power plants with low power generation costs was 75.3%, a sharp increase from 70.6% of the previous year, also had some influence.
On the other hand, the demand declined sharply due to Corona 19 Nexen (005720) Some companies, such as, have announced results that are below expectations. Nexen’s consolidated operating profit last year was 61.5 billion won, down 72.7% from the previous year. Sales decreased by 14.1% over the same period to KRW 1.97 trillion.
Subsidiary NEXEN TIRE (002350)It also announced that last year’s consolidated operating profit fell 81.4% from the previous year to 38.6 billion won. During the same period, sales decreased by 16.0% to 1.69 trillion won. This is a record below the market forecast of 41.8 billion won. Nexon Tire explained, “As the market environment deteriorated due to Corona 19, operating performance decreased, and profit or loss decreased due to a fall in the exchange rate.”
SH Energy Chemistry (002360)Consolidated operating profit fell 150.8% year-on-year to -7.9 billion won due to the sluggish construction economy, continuing a deficit for two consecutive years. During the same period, sales decreased 33.6% to KRW 93.6 billion. Auto parts maker temporarily suspended from overseas subsidiary due to Corona 19 Incarnation (010690)Also, operating profit turned to a deficit to -10.6 billion won.
Meanwhile, the performance of the KOSPI bio company was mixed. Dong-A Socio Holdings (000640)Subsidiary of ST Pharm (237690)Silver oligonucleotide treatment sales surged, resulting in an operating deficit of 18.8 billion won, a sharp decrease from the previous year (-26.7 billion won). On the other hand Jinwon Life Science (011000)Silver’s operating deficit more than doubled from the previous year (-8.2 billion won) to 18.2 billion won as SG&A expenses such as Corona 19 vaccine research increased.
/ Reporter Hanna Shin and Yangjun Cho [email protected]
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