SK Group beats Samsung Group in first-half net profit

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SK Group beats Samsung Group in first-half net profit

Published: 16 Aug. 2020, 18:12

SK Group, a Korean telecom-to-chemicals conglomerate, ranked first in first-half net profit, beating Samsung Group on equity gains from its affiliates, a local market data provider said Sunday.

In the six months that ended in June, SK Group's consolidated net profit jumped 32 percent to 6.19 trillion won ($5.2 billion) from 4.69 trillion won in the same period of last year, according to Info Bigs, a conglomerate-focused data service provider operated by Yonhap Infomax.

SK's stellar performance was helped by strong earnings results from its affiliates, such as SK hynix, SK Telecom and SK Innovation, the data firm said.

In particular, robust chip demand boosted SK hynix's bottom line, and increased dividend income from its affiliates drove up SK Innovation's first-half net figure, it said.

Samsung Group ranked second with an overall net profit of 5.62 trillion won in the first half, down 30 percent from 8.05 trillion won a year earlier due to a sales decline in the mobile business unit. LG Group ranked third with a net profit of 3.06 trillion won, up 90 percent from 1.61 trillion won during the same period, it said.

Hyundai Motor Group came in fourth, reporting a 44 percent on-year decline to a net profit of 2.56 trillion won in the first six months due to the impact of the coronavirus outbreak on vehicle sales.

Yonhap