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S. Korean firms post moderate Q2 earnings

All Headlines 11:40 August 05, 2018

SEOUL, Aug. 5 (Yonhap) -- South Korean listed firms had moderate earnings reports for the second quarter although intensifying U.S.-China trade issues fueled uncertainties at home and abroad, corporate data showed Sunday.

Out of 102 listed companies that have released their latest earnings reports, 51 companies met the market consensus in terms of operating profit, with the rest failing to meet market forecasts, according to the data compiled by market researcher FN Guide.

The combined operating profit of 102 firms reached 40 trillion won (US$35.46 billion) for the April-June period, up 15.2 percent from a year earlier. The numbers slightly missed the market consensus of 40.2 trillion won.

"With the trade disputes still lingering, companies showed a favorable second-quarter performance," said Park So-yeon, an analyst at Korea Investment & Securities Co. "Their earnings were rarely hurt by the issues in the second quarter."

Market heavyweights were mixed. Operating profit of Samsung Electronics Co., the largest company by market cap, reached 14.87 trillion won, some 2.8 percent lower than the market estimate, while No. 2 SK Hynix posted a better-than-expected 5.57 trillion won in operating profit.

LG Innotek Co., an electronics part maker under LG Group, logged 13.4 billion won in operating profit for three months to June, sharply beating the market forecast of a deficit 3.6 billion won.

Hyundai Wia, an auto parts affiliate of Hyundai Motor Group, also posted surprise earnings for the second quarter, along with Samsung C&T Corp., Samsung Engineering Co., Hansol Paper Co. and Hotel Shilla Co.

On the other hand, operating profit of Green Cross Corp., a leading pharmaceutical maker, lagged 56 percent behind the market consensus. LG Hausys, Mode Tour Network Inc. and Hana Tour Service Inc. had worse-than-expected reports.

S. Korean firms post moderate Q2 earnings - 1

brk@yna.co.kr
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