Profitability of listed firms plunges in 1st quarter

Profitability of Korea's listed companies deteriorated significantly in the first three months of this year because of a protracted economic slowdown at home and abroad and the Japanese yen's prolonged weakness, the bourse operator said.

Although sales and operating profit increased slighly on a consolidated basis, net profit plunged nearly 13 per cent, the Korea Exchange (KRX) said.

According to the Korea Listed Companies Association and the Korea Exchange (KRX) Sunday, sales of 504 firms listed on the main bourse, which submitted consolidated financial statements based on K-IFRS (International Financial Reporting Standards), reached 459.74 trillion won in the January-March period, up 1.83 percent from the same period last year.

Operating profit increased 0.94 percent to 26 trillion won over the cited period, said data compiled by KRX.

By Ayaka Erin Tobari

Park Sae-jin swatchsjp@ajunews.com