Coupang, the U.S.-listed Korean e-commerce giant, reported its first-ever annual operating profit of $473 million in 2023, according to its earnings release published Wednesday.
Korean Air and Asiana Airlines both achieved record revenue in 2023 due to increased demand from international passengers but saw profitability decline.
It's a marked difference from the previous year's 52.3 billion won loss. Net profits for the year surged to 80.4 billion won from a loss of 29.7 billion won one year earlier.
Korean auto parts maker Hyundai Mobis reported a fourth-quarter net profit of 651.4 billion won ($486.8 million), up 2.3 percent from a year earlier but behind market expectations.
LG Energy Solution, Korea's top battery manufacturer, announced a 31 percent decline in net profit for the fourth quarter of 2023 on-year due to a deceleration in the demand for electric vehicles (EVs).
Sales decreased 6.3 percent to 8 trillion won, according to the company on Tuesday.
Listed companies in Korea are estimated to have shrunk 16 percent on-year in their total operating incomes in 2023, mainly due to weak chip demand, according to market tracker FnGuide on Monday.
More than half of Korea's industry-leading companies reported lower on-year profits in Q3, with only the food and aviation sectors seeing optimistic forecasts.
Korea's major companies saw their third-quarter operating income spike more than 70 percent on-quarter in a sign of a recovery from a severe slump, corporate tracker CEO Score said Wednesday.
Samsung Heavy Industries reported an operating profit of 75.8 billion won in Q3, thanks to increased sales of LNG carriers, surpassing market expectations.
Korea JoongAng Daily Sitemap