The state-run Korea Electric Power Corporation(KEPCO) posted operating profits of one-point-three trillion won, or around 951 million U.S. dollars, in the first quarter.

According to the company on Friday, its first-quarter sales stood at 23-point-three trillion won, and operating expenses at 22 trillion won, for a profit of one-point-three trillion won.

KEPCO, which has recorded operating profits for the third consecutive quarter, cited increased income from raising electricity fees and reduced operating costs from lower prices of fuel and the purchase of electricity.

The margin of profit increase, however, is declining due largely to the strengthening U.S. dollar and the global energy price hike stemming from the crisis in the Middle East.

Despite the three quarters of profits, KEPCO held an overall debt of 202-point-four trillion won as of the end of 2023, having posted a combined loss of 43 trillion won from 2021 to 2023.