Korean Listed Firms Report Poor Q3 Earnings

  • Arirang News

    October 28, 2011 13:22

    More than half of Korea's listed companies underperformed in the third quarter of this year.

    According to financial data provider FnGuide, more than 60 percent of the 91 listed firms that released third-quarter earning reports either suffered deficits or saw a significant drop in profits.

    Korean Air reported a US$460 million net loss, while LG Display and LG Electronics reported losses of $600 million and $360 million.

    Steelmaker POSCO's quarterly net profit dropped by 83 percent and CJ Cheil Jedang's 62 percent, while Samsung Card's were down 27 percent.

    Analysts attribute the poor performance to the ongoing European debt crisis and China's slowing economic growth.

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