KEPCO's overseas investments suffered deficit

[THE INVESTOR] A number of Korea Electric Power Corp.’s investment corporations in foreign countries were found to have suffered deficits, a report showed Friday.

According to corporate tracker Chaebul.com’s data, 30 out of 51 overseas investment corporations recorded business losses last year, making up 60 percent of the total. 

Total assets of the 51 investment corporations stood at 28.9 trillion won ($26.2 billion), while net profit was 234 billion won last year, accounting for 0.8 percent of total assets.

The state-controlled company may have suffered massive losses from its overseas resources projects, as they were pushed during the Lee Myung-bak administration without enough feasibility tests, industry insiders said.


By Lee Hyun-jeong/ The Korea Herald (rene@herald.com)