\n Four major conglomerates saw their combined operating profit plunge 65 percent last year, hit by sluggish sales amid an economic slowdown, a report showed Wednesday.<\/p>\n
Some 306 affiliates of four conglomerates — Samsung, SK, Hyundai Motor and LG — posted a combined operating profit of 24.51 trillion won (US$17.9 billion) in 2023, down from 71.91 trillion won a year earlier, according to the report by the Korea CXO Institute, a corporate data firm.<\/p>\n
Samsung Group, the country’s biggest conglomerate, suffered the biggest profit decline last year due to a poor performance by its core affiliate Samsung Electronics Co.<\/p>\n
The group’s 59 affiliates suffered a whopping 93 percent drop in operating income at 2.83 trillion won last year from 38.74 trillion won a year ago.<\/p>\n
In particular, Samsung Electronics shifted to an operating loss of 11.52 trillion won in 2023 from an operating profit of 25.31 trillion won the previous year on lower chip demand.<\/p>\n
SK Group’s 135 affiliates reported an operating profit of 3.91 tril
\nlion won, down 80 percent from 19.14 trillion won during the same period.<\/p>\n
Major affiliate SK hynix Inc. shifted to an operating loss of 4.67 trillion won from an operating profit of 7.66 trillion won on sluggish chip sales.<\/p>\n
LG Group was not the exception. Its 48 affiliates swung to an operating loss of 270.7 billion won from an operating profit of 1.44 trillion won.<\/p>\n
In contrast, Hyundai Motor Group came up with solid results helped by strong demand for its SUVs and high-end Genesis models in global markets.<\/p>\n
The automotive group’s 50 affiliates reported an operating profit of 18.03 trillion won last year, jumping 43 percent from 12.58 trillion won a year ago.<\/p>\n
Source: Yonhap News Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Four major conglomerates saw their combined operating profit plunge 65 percent last year, hit by sluggish sales amid an economic slowdown, a report showed Wednesday.<\/p>\n
Some 306 affiliates of four conglomerates — Samsung, SK, Hyundai Motor and LG — p…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"yoast_head":"\n