Samsung Fares Worst Among Top 4 Conglomerates

      May 12, 2015 12:07

      Samsung affiliates recorded the worst first-quarter earnings among the country's top four business groups. Samsung Electronics shone, but non-electronics subsidiaries reported lower-than-expected earnings.

      The Chosun Ilbo analyzed the earnings of the top four conglomerates from January to March and found that only four out of 14 Samsung affiliates -- Samsung Electronics, Samsung Electro-Mechanics, Hotel Shilla and Samsung Fire & Marine Insurance -- posted a growth in operating profits, while the others saw profits dwindle.

      Operating Profit dropped at Samsung Heavy with 74 percent, Samsung Corp. (down 75 percent), Cheil Industries (down 92 percent), Samsung SDI (down 82 percent) and Samsung SDS (down 30 percent). Samsung Fine Chemicals shifted into the red.

      At Hyundai Motor, only Kia, Hyundai Wia and Hyundai Glovis posted operating profit growth, while the other six affiliates saw operating profit decline compared to the fourth quarter of 2014.

      At SK, the operating profits of four out of seven affiliates fell. At LG, three out of nine listed affiliates saw operating profit decline.

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