Korea Electric Net Rises EARNINGS: BUSINESS ASIA By Bloomberg

Korea Electric Power, the biggest power supplier in Asia’s third- largest economy, said first-quarter profit rose 6 percent after the company increased prices. The shares climbed to their highest in more than two months.

Net income increased to 775.3 billion won, or $833 million, from 732.3 billion won a year earlier, the Seoul-based company said in a filing to the Korea Exchange. Operating profit doubled on lower maintenance and depreciation costs.

The South Korean government approved a power price increase in December, for a second consecutive year, to help the state- controlled utility meet rising fuel costs. Korea Electric is investing in plants and coal mines in countries including China. The company’s overseas expansion plan may help it become less dependent on the government’s decisions on rates.

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