Korea Gas Corporation (KOGAS) disclosed on the 13th that, on a consolidation basis, its preliminary results for the first quarter show revenue of 11.0822 trillion won and operating profit of 910 billion won.
Compared with the same period a year earlier, revenue fell 7.3%, while operating profit rose 9.1%. Compared with the previous quarter in 2025, revenue increased 31.2% and operating profit rose 92.1%. Net profit came to 548.3 billion won, swinging to the black from the previous quarter, and was up 49.3% from a year earlier.
The increase in KOGAS's operating profit was affected by a partial court victory and the resulting award in a damages lawsuit KOGAS filed in 2018 against the steel pipe industry. The Daegu District Court ruled in 2024 that six companies, including Hyundai Steel, SeAH Steel, Husteel, Dong Yang Steel Pipe, Dongbu Incheon Steel, and HISTEEL, must jointly pay 32.4496 billion won in compensation to KOGAS. In addition, a 16.9 billion won increase in operating profit at KOGAS's overseas subsidiaries contributed to the improved results.
In addition, KOGAS's accounts receivable stood at 13.3717 trillion won, down 493.2 billion won from the previous quarter. Accounts receivable refers to KOGAS's losses that occur when consumer sales prices are lower than the import cost of liquefied natural gas (LNG), which are regarded as funds that can be recovered in the future by a decline in LNG prices or a rate hike, and are recorded not as a loss but as an asset—accounts receivable—on the books.