Last Year, Losses Widened at Four Public Enterprises Including Korea National Oil Corporation and Korea Resources Corporation
[Asia Economy Reporter Joo Sang-don] Last year, four public enterprises including Korea National Oil Corporation and Korea Resources Corporation saw their deficit widen compared to the previous year amid the COVID-19 pandemic.
According to the public institution management information disclosure system Alio on the 2nd, out of 36 public enterprises, 11 turned to net losses last year.
Many of the affected were those directly hit by COVID-19. Kangwon Land, which posted a net profit of 334.7 billion won in 2019, suffered operational disruptions due to closures and time restrictions, resulting in a net loss of 275.9 billion won last year. Others included Grand Korea Leisure (72.4 billion won → -64.3 billion won), Korea Racing Authority (144.9 billion won → -436.8 billion won), Jeju Free International City Development Center (11 billion won → -128.6 billion won), Incheon International Airport Corporation (863.4 billion won → -422.9 billion won), Korea Airports Corporation (18.8 billion won → -148.7 billion won), and SR (18.4 billion won → -39.1 billion won).
Energy public enterprises posted losses due to the decline in international oil prices. These include Korea Gas Corporation (58.3 billion won → -160.7 billion won), Korea South-East Power Co., Ltd. (32.69 billion won → -144.754 billion won), and Korea East-West Power Co., Ltd. (141.494 billion won → -44.167 billion won).
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Korea National Oil Corporation’s net loss expanded from 154.8 billion won in 2019 to 2.4392 trillion won last year, resulting in a capital erosion state. This was due to decreased sales from falling oil prices and reduced production volume, as well as increased valuation losses on overseas oil development assets due to anticipated long-term oil price declines. Korea Railroad Corporation (-46.9 billion won → -1.3427 trillion won), Korea Resources Corporation (-563.8 billion won → -1.3543 trillion won), and Korea Western Power Co., Ltd. (-46.6 billion won → -85.9 billion won) also saw their deficits widen.
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