Korea's top companies see 10 percent drop in overseas earnings

Korea's top 100 companies posted a 10 percent on-quarter decline in their overseas earnings in the January-March period due to the new coronavirus impact on industries, an industry association said Tuesday.

The 100 biggest companies in terms of sales reported their combined overseas sales fell to 170.42 trillion won ($141.8 billion) in the first quarter from 190.17 trillion won in the fourth quarter, the Federation of Korean Industries (FKI) said in a statement.

Companies hit hard by the Covid-19 pandemic include Samsung Electronics, LG Electronics, SK hynix, Hyundai Motor and Hyundai Mobis, it said.

The FKI forecast the 100 firms' sales will decline by another 10 percent in the second quarter on lower demand from the United States, Europe and China amid extended virus woes.

Yonhap