Top 10 Conglomerates' Profits Plunge But Payrolls Rise

  • By Shin Eun-jin

    September 09, 2019 11:30

    The combined operating profits of Korea's top 10 conglomerates plunged more than 40 percent in the first half of this year compared to the same period of 2018, but their payrolls increased more than seven percent.

    Conglomerate tracker on Sunday published analysis of the first-half business reports of 85 listed non-financial subsidiaries of the top 10 conglomerates and found that their combined revenues totaled W626 trillion, down 1.1 percent on-year, while operating profits fell 44.7 percent to W37.4 trillion (US$1=W1,196).

    But the business groups' new hires increased 1.1 percent in the first half, while payrolls grew more than seven percent, which suggests big businesses were also impacted by the minimum wage hike.

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