Debt-ridden Korea Electric Power Corporation or KEPCO has reported an operating loss of over six trillion won for this year’s first quarter alone.

The state-run firm on Friday reported first quarter sales of close to 21-point-six trillion won and operating costs of 27-point-seven trillion resulting in an operating loss of six-point-17 trillion won, a greater shortfall than the market estimate of a five trillion won range.

The deficit has decreased by one-point-six trillion won year-on-year. 

KEPCO has run a loss for the eighth consecutive quarter since the second quarter of 2021. Annually, its deficit logged five-point-eight trillion won in 2021 and 32-point-six trillion last year.

Its revenue rose more than five trillion won in the first quarter compared to a year ago, which the company attributed to electricity rate hikes.

In view of KEPCO's dire fiscal health, the government plans to further raise the rate for the second quarter.