The first half net profit of some of the country’s largest companies dropped more than 7 percent from a year ago, while one in 10 companies posted net losses, damped by global economic slowdown, data showed Tuesday.
According to the Korea Exchange and the Korea Listed Companies Association, the combined first half net profits of 151 companies that filed consolidated financial statements for the period came in at about 41.67 trillion won ($38.86 billion), down 7.49 percent from the same period last year. Over the same period, their operating profits fell 6.1 percent despite their revenues having increased by nearly 18 percent. The combined first half sales of relevant companies came in at 709.1 trillion won compared to the 602.8 trillion won recorded during the corresponding period last year.
The figures are for companies whose fiscal year ends in December.
Companies with more than 2 trillion won assets and financial companies are required to submit consolidated financial statements that include figures for subsidiaries.
In terms of independent financial figures, 17 companies posted net losses for the first half of the year, while the figure rose to 25, or about one is six, companies for the second quarter of the year.
Companies that posted net losses for the second quarter of the year include some of the country’s largest corporations including Korea Electric Power Corp., LG Electronics and Korean Air.
In contrast to the larger firms listed on the KOSPI, those listed on the tech-heavy Kosdaq saw all three -- sales, net and operating profits -- figures rise during the first half of the year.
According to the data, the combined first half sales of the 53 Kosdaq-listed firms whose fiscal year end in December, required to submit consolidated financial statements came in at 4.8 trillion won, up 18.64 percent from a year ago. Over the same period, their operating profits soared 54.31 percent to 475.9 billion won while net profits jumped 136.14 percent to 463.3 billion won.
By Choi He-suk (
cheesuk@heraldcorp.com)
