Nearly 70% of listed Korean firms fail profit expectations

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Nearly 70% of listed Korean firms fail profit expectations

Nearly seven in 10 listed Korean companies failed to meet market expectations in their fourth-quarter operating profits last year, data showed Monday.

FnGuide, a financial information provider, released the dismal report after analyzing the short-term performances of 195 listed firms with earnings estimates from local brokerages.

Among them, 132 companies, or 67.7 percent, recorded lower operating profits than expected during the October-December period. Hanjin KAL, the nation’s top flight service firm, reaped only 1.7 billion won ($1.48 million) in operating income, far below 20.9 billion won expected by multiple securities firms.

They also expected Mirae Asset Daewoo, a leading brokerage, to post 20.5 billion won in operating profit, but it actually lost 182.3 billion won.

Daewoo Engineering & Construction was projected to gain 77.2 billion won, but it posted an operating deficit of 767.8 billion won as all potential loss-making businesses were counted in its latest earnings report.

On the other hand, manufacturers of display products, smartphones and memory chips recorded higher-than-expected operating profits. YONHAP

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