December 17, 2018 11:22
The total sales of Korea's defense industry dropped last year for the first time in 34 years.
According to data from the Korea Defense Industry Association last Friday, the combined sales of 93 arms companies fell 13.9 percent to W12.76 trillion in 2017 (US$1=W1,135).
Their net profit plummeted from W218.4 billion in 2016 to a deficit of W109.1 billion. Their operating margin shrank to a mere 0.5 percent, far below the average 7.6 percent for the manufacturing industry as a whole.
Defense Minister Jeong Kyeong-doo told defense companies at a meeting the same day, "We're well aware that the defense industry has difficulties with poor sales and exports. The government will strengthen diplomatic support for exports, and the military will also try to reinvigorate the domestic market."
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