Korean financial holding companies' net profit exceeded 21 trillion won in 2023 aided by high interest rates.
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.
Shinhan said a pre-emptive accumulation of provisions, financial programs for self-employed workers and the reduced valuation of alternative assets contributed to the drop.
HD Hyundai reported a 40 percent year-on-year decline in its operating profit for 2023 to 2.03 trillion won ($1.5 billion), attributed to the weak performance of its oil refining sector impacted by oil prices and a decline in refining margins.
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 tech giant Naver logged 301.8 billion won ($226.6 million) in fourth-quarter net profit, up 129 percent from the same period the previous year, driven primarily by robust growth in commerce and fintech.
The battery maker reported a fourth-quarter net income of 493.3 billion won, down 21.6 percent from the same period a year earlier.
Woori Bank has pledged to surpass its current fourth position and achieve the highest net profit among all commercial banks this year.
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.
Korea JoongAng Daily Sitemap