November 08, 2018 08:27
One-third of listed firms in Korea suffered earning shocks in the third quarter of the year, with profits significantly underperforming expectations.
Financial information provider FnGuide said Wednesday that 37 of the 114 firms listed on the Korea Composite Stock Price Index or the junior Kosdaq reported operating profits more than 10 percent below the consensus estimates, the figure based on the combined forecasts of analysts.
The situation is especially grim among automakers. Hyundai and Kia's third-quarter operating profits fell short of consensus estimates. Analysts say this signals a downward trend in profit growth among local companies, adding that fourth-quarter estimates are being lowered.
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