South Korea's state-run Korea Gas Corp. said Tuesday its net losses narrowed in the third quarter from a year earlier on increased sales from its gas field in Myanmar.
Net losses for the three months ending in September narrowed to 216.7 billion won (US$186 million) from 283 billion won a year earlier, the company said in a statement.
The company's sales from its gas field in Myanmar to China have returned to normal levels after damaged facilities were fixed, which helped narrowed its net loss in the third quarter, a company official said.
The company has an 8.5-percent stake in the gas field in Myanmar.
Operating losses also narrowed to 159.9 billion won in the third quarter from 172.1 billion won a year ago. Sales, however, fell 4.4 percent to 4.52 trillion won.
From January to September, net profit fell 16.2 percent to 308.7 billion won from 368.5 billion won in the same period in 2018. Operating income climbed 13.3 percent on-year to 914.2 billion won on sales of 18.09 trillion won, a 2.5 percent on-year decline. (Yonhap)