S. Korea's corporate net profit drops 37.1 pct in 2019

SEOUL, Dec. 15 (Xinhua) -- South Korea's corporate net profit dropped in double digits last year, marking the fastest fall since the 2008 global financial crisis, statistical office data showed Tuesday.

Corporate net income before tax totaled 102 trillion won (93.3 billion U.S. dollars) in 2019, down 37.1 percent from the previous year, according to Statistics Korea.

It was based on the assessment on earnings of 13,255 local companies that have at least 50 regular employees and capital of over 300 million won. It excluded earnings from finance and insurance companies.

The double-digit decline was the highest since 2008 when the corporate net profit plunged 43.6 percent amid the global financial crisis.

Net profit among manufacturers tumbled 48.3 percent in 2019, while net income among real estate companies rose 13.4 percent.

Corporate revenue totaled 2,440 trillion won in 2019, down 0.6 percent from the prior year. It was the highest reduction in four years since 2015.

The average revenue per company slipped 1.3 percent to 189.3 billion won last year.

The number of employees, hired by the 13,255 domestic firms, was 4,664,000 in 2019, up 1.6 percent from the prior year. Regular workers accounted for 89.0 percent of the total. (1 U.S. dollar equals 1,093 South Korean won)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In World

U.N. agency says 41 million on verge of famine
Tanzania to offer alternative education for school dropouts including pregnant girls -official
In a Mexican border camp, asylum seekers wait for Biden to end Trump health directive
U.N. expert says Eritrea has 'effective control' in parts of Tigray
Saudi Arabia says it will judge Iran's Raisi by 'reality on the ground'
Vatican wants changes to Italy draft law against homophobia
Taliban launch major offensives in northern Afghanistan
U.N. Afghanistan envoy warns of Taliban offensive
Let's talk, says Spain, as jailed Catalan separatists pardoned
Kuwait assembly backs budget but political feud rumbles on

Stories You'll Enjoy