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[Alpha Biz=(Chicago) Reporter Paul Lee] Korea Gas Corp., whose receivables rose to 9 trillion won due to soaring liquefied natural gas (LNG) prices last year, is in a position to pay dividends to the government and KEPCO, the largest shareholders, as it is expected to raise its operating profit by nearly 2 trillion won in its accounting book.
According to a survey of securities firms' operating profit estimates (consensus) on the 8th, Korea Gas Corporation posted an operating profit of 1.8584 trillion won, up 49.9 percent from a year earlier last year.
The receivables are not recovered as gas bills among natural gas imports, and the Korea Gas Corporation chooses to classify the deficit of 5 billion won as an asset if it sells natural gas purchased for 10 billion won for 5 billion won, and recover it through an increase in gas bills later.
As a result, operating profit in the book recorded a surplus of around KRW 2 trillion.
This is because the government and KEPCO, the largest shareholders, can receive dividends worth tens of billions of won as the Korea Gas Corporation has allocated up to 40% of its net profit to shareholders on its books.
The government is also considering whether the Korea Gas Corporation will pay dividends in consideration of such public opinion.
The dividend of government-invested companies is determined by a government dividend council composed of Vice Minister of Strategy and Finance in February every year.
Trade, Industry and Energy Minister Lee Chang-yang said in a question to the National Assembly the previous day, "We will consult with the Ministry of Strategy and Finance to review whether there are any improvement measures."
Alphabiz Reporter Paul Lee(hoondork@alphabiz.co.kr)
