South Korean listed firms’ second-quarter business performances were weaker than expected due largely to slumping domestic demand and the local currency’s strength to the U.S. dollar, data showed Wednesday.

According to the data released by Kiwoom Securities Co., a combined operating income at 102 listed firms that have reported their second-quarter earnings was tallied at 20.4 trillion won ($19.72 billion), 9 percent lower than the market estimate of 22.5 trillion won.

Their combined net profit amounted to 17.8 trillion won, also smaller than the market projection of 19.2 trillion won, the data showed.

“Corporate earnings were still weak during the second quarter,” said Seo Myong-chan, an analyst at Kiwoom Securities. “But their net profit is expected to rise by more than 15 percent this year, and earnings momentum will accelerate down the road.” (Yonhap)