LG Group saw its net profit so far this year soar a whopping 95.9 percent compared to the same period last year even amid the global financial crisis. The cell phone industry, which is the conglomerate’s key business, was the major driving force behind the stunning growth, and good business in the LCD sector also helped the display segment generate profit. In chemicals, IT materials including rechargeable batteries performed robustly.

According to a report on the performance of listed companies released by the Korea Exchange and Korea Listed Companies Association on Tuesday, the top 10 groups’ total sales until the third quarter this year amounted to W306.5 trillion (US$1=W1,443), up 21.08 percent on-year. Their net profit increased by 3.8 percent from W19.2 trillion. Given that 570 firms which close their account books in December saw their net profit drop by 59.24 percent to W6.77 trillion, the top 10 groups showed exceptional performance.

In terms of net profit, LG ranked top, followed by Samsung Group, which saw growth of 13.1 percent despite a semiconductor slowdown. Hyundai Automotive Group and Hyundai Heavy Industries, whose exports were brisk thanks to the weak won, saw its net profit increase by 11.8 percent and 7.57 percent respectively. Hanwha Group’s net profit grew by 7.06 percent. However, Hanjin Group, hit hard by soaring oil prices, recorded deficits since last year. SK Group saw its net profit drop 46.58 percent, Kumho Asiana Group 28.71 percent, GS Group 12.19 percent, and Lotte Group 8.24 percent.

But in terms of business performance for the third quarter, only Kumho Asiana and Hanwha saw an increase in net profit, up 19.5 percent and 1.73 percent respectively. Lee Jong-woo, managing director of HMC Investment Securities, said the top 10 groups are increasingly affected by the recession that crept up on them in the third quarter and predicted their business performance will deteriorate more noticeably for some time.

(englishnews@chosun.com )