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HMM, Korea's largest container shipping company, reported a 94.5 percent decline in its second-quarter operating profit to 160.2 billion won ($122 million) due to a pronounced decrease in freight rates in the aftermath of Covid-19.
Shinsegae reported its net profit for the second quarter fell 4.3 percent from a year earlier due to high inflation and sluggish consumption.
Coupang reported a record-high quarterly revenue, operating profit, and net income for the second quarter, primarily thanks to its flagship fast Rocket Delivery service.
CJ Cheiljedang experienced a 40.1 percent drop on-year in its operating profit for the second quarter to 235.8 billion won ($180 million), excluding its subsidiary CJ Logistics, due to cost pressures and the prevailing economic slowdown.
Korean tobacco company KT&G reported a 25.9 percent drop in its second quarter operating profit of 242.9 billion won ($186.6 million), primarily due to increased raw material costs.
Korean Air Lines reported a 36 percent decline in operating profit to 468 billion won ($356.5 million) in the second quarter, with robust performance in the passenger segment eclipsing lower profit in the cargo business.
Hyundai Glovis' operating profit decreased by 8 percent on-year to 412.6 billion won ($323.1 million) for the second quarter due to falling ocean freight rates.
Samsung SDI logged 450.2 billion won ($352 million) in operating profit in the second quarter, up 5 percent on year, thanks to solid demand for mid to large batteries for premium electric vehicles.
Airlines are starting to bounce back from the Covid-19 crisis. Sales are increasing with international routes resuming and demand rising, but headwinds still remain as the won plummets and the pandemic continues.
Household income rose 12.7 percent year-on-year in the second quarter, a record for a statistic compiled since 2006. The increase was largely due to Covid-19-related government subsidies, including compensation paid to small businesses.
Korea JoongAng Daily Sitemap