Conglomerates' Operating Profits Halve

  • By Shin Eun-jin

    August 19, 2019 12:06

    Korea's top 10 conglomerates' operating profits in the first half of this year plunged 54 percent from the same period of last year.

    Industry tracker Infobigs said Sunday that combined first-half operating profits among the 90 listed affiliates of the top 10 conglomerates stood at W21.3 trillion in the first half, down 53.5 percent on-year (US$1=W1,212). Second-quarter operating profits in particular plummeted 63 percent to W8.1 trillion.

    Only Hyundai Motor and Hyundai Heavy Industries saw operating profits increase in the first half.

    Hanwha's operating profit fell the steepest at 73 percent to W118 billion. Samsung's operating profit fell 66 percent to W23.3 trillion, impacted heavily by Samsung Electronics' operating profit falling more than 70 percent due to the decline in global semiconductor prices.

    In contrast, Hyundai Motor benefited from new car releases, resulting in group-wide operating profit rising 38 percent.

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