State-run companies suffered W600 billion in net losses in 2020 (US$1=W1,113).
According to government data announced on Sunday, the combined net profits of state-run companies has fallen steadily since 2016 and shifted into the red last year. Of the country s 36 state enterprises, 18 or half lost money.
In addition to KORAIL and Korea Coal Corporation, which have suffered losses for the last five years, 11 others posted losses, including the Korea Racing Authority, Incheon International Airport Corporation and Korea Airports Corporation due to the coronavirus pandemic. Korea Gas, Korea Western Power and other energy companies also lost money due to a decline in global oil prices, the government said.