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Listed arms of conglomerates' Q1 profit down 43 pct on-year

Industry 10:28 May 19, 2019

SEOUL, May 19 (Yonhap) -- The listed affiliates of the country's top 10 business groups saw their combined operating profits nose-dive 43 percent in the first quarter from a year earlier, data showed Sunday.

According to the data compiled by industry tracker Chaebul.com, the 95 listed affiliates of the top 10 conglomerates posted a combined operating profit of 14.9 trillion won (US$12.4 billion) in the January-March period on a stand-alone basis, down from 26 trillion won posted in the same period a year earlier.

The listed affiliates of Samsung, the top conglomerate, saw their first-quarter operating profit plunge 59.1 percent on average to 5.1 trillion won, mostly led by a sharp decrease in earnings by Samsung Electronics Co.

SK Group's listed firms also suffered a 41.4 percent drop in their combined operating profit to 4.2 trillion won in the January-March period, also led by its major chipmaker SK hynix Inc.

Those of LG Group surrendered 20.2 percent to 1.2 trillion won.

Hyundai Motor Group, on the other hand, saw its listed affiliates post improved earnings, with the combined figure reaching 1.4 trillion won, up 50 percent on-year, with Hyundai Motor Co. enjoying better earnings helped by strong demand for new SUVs and a weaker won.

The listed affiliates of the top 10 businesses posted sales of 192 trillion won in the first quarter, down 1.3 percent on-year, the data also showed.

Listed arms of conglomerates' Q1 profit down 43 pct on-year - 1


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