Major Korean firms fare worse than US counterparts in H1
简介South Korea's major companies performed far worse than their US counterparts in the first half ...
South Korea's major companies performed far worse than their US counterparts in the first half of 2023 due to the sluggish chip and energy sectors amid a global economic slowdown, a report showed Monday.
South Korea's top 100 nonfinancial firms listed on the main local bourse saw their combined sales edge up 0.3 percent on-year to $746.3 billion in the January-June period, according to the report by the Federation of Korean Industries.
In contrast, the combined top line of the 100 leading nonfinancial corporations traded on the New York Stock Exchange expanded 2.4 percent on-year to $3.87 trillion.
A global business slowdown stemming from high interest rates and consumer prices hit South Korean companies harder than their US counterparts in terms of their earnings, said the FKI, the lobby of family-run conglomerates in Asia's fourth-largest economy.
The combined operating profit of the Korean companies tumbled 63.4 percent on-year to $24.8 billion won in the six-month period, while that of the US corporations shrank 3.9 percent to $638.5 billion.
The bottom line of the Korean firms plunged 68 percent on-year in the first half, while that of their US counterparts increased 3.2 percent.
The federation said the performances of large South Korean corporations were affected badly by the worsened records of information technology and energy companies.
The total sales, operating income and net profit of South Korean IT, including chip, firms sank 21.5 percent, 113 percent and 109.4 percent on-year, respectively, in the first half. Yet, the respective figures of the US companies fell 0.3 percent, 4.8 percent and 4.4 percent.
Samsung Electronics Co., South Korea's top-cap firm, saw its sales, operating profit and net profit dip 21.5 percent, 95.4 percent and 86.9 percent on-year, respectively. Comparable figures of its US counterpart, Apple Inc., dropped 4.2 percent, 10 percent and 9.2 percent.
The FKI stressed the need for South Korean big businesses to establish stable profit sources as they remain more vulnerable to external shocks than big US companies. (Yonhap)
Volvo on Tuesday launched its latest all-electric sport utility vehicle, EX30, in South Korea, empha ...
윤석열 대통령이 11일 용산 대통령실 청사에서 미국 상원의원 대표단을 접견하고 있다. 사진 대통령실 제공윤석열 대통령과 한국을 방문 중인 미국 상원의원 대표단은 11일 이스라엘에 ...
The South Korean military is preparing for a scenario in which North Korea launches surprise attacks ...
Seoul reviews scenarios for restoring guard posts in DMZ
PM makes official visit to Denmark to promote Expo bid
[HIT Forum] 'Korea ready to become aerospace powerhouse'
Russian, Uzbek nationals under investigation after campsite brawl
Spike in camping enthusiasts in Korea, yet camping etiquette lags behind
Aespa to return with 4th EP ‘Drama’ next month
- 美 ICBM '미니트맨
- Solo Korean trekker found dead in Himalayas
- 35 foreign individuals to be awarded for promoting Korean culture
- 北고려항공, 베이징으로 주 3회 비행…정기 운항 복귀 한 듯
- The branch of South Korean left blaming Israel for Hamas attacks
- Exports log first rise in 13 months in sign of trade recovery for Korea
- Kia unveils ‘tiger
- S. Korean military detects signs of NK supplying ballistic missiles to Russia
- Asiana Airlines to sell cargo biz to smooth merger
- Xi says 'willing to make bigger contributions' in letter to NK leader
- [Hello Hangeul] Love for Hangeul grows in corner of Sweden
- China’s export curbs on graphite may raise battery prices for EVs
- [Exclusive] Asia's Tang Contemporary Art to open first Western outpost in London
- Samyang to release tom yum flavor Buldak in US
- Samsung unveils next
- Things to note to prevent disputes in international contracts: The critical clause of governing law
- Japan returns favor, flies Koreans out of Israel
- KT to cooperate with Thai telecom firm to create Thai language AI service
- Seoul shares open almost flat amid geopolitical tensions, rate woes
- 'Seventeenth Heaven' logs record
- [Photo News] Mt. Seorak welcomes first snow of the season
- Economy set for mild recovery, but bumpy road still ahead: BOK
- GS Group, SNU to run incubator program for startups
- Extended getbol, Busan wartime capital sites make UNESCO's tentative list
- Artifacts with inaccurate information removed from Korean exhibition in Germany
- [Herald Review] Stray Kids perform new standard of '5
- Emerging artists unveil works of enduring times at Park Seo
- Exports up 4.6% during first 20 days of October
- Kakao risks losing management control of Kakao Bank
- PPP appoints naturalized Korean doctor Yohan Ihn as party innovation committee chief