Korean Air reported a 5 percent on-year increase in first quarter operating profit due to recovery in passenger traffic and robust cargo demand but still underperformed market expectations.
Coupang posted net loss for the first quarter of 2024 as its profits eroded, partially due to intensifying competition with Chinese competitors like AliExpress and Temu.
Shinhan, Hana, Woori and KB all reported an on-year drop in earnings for the first quarter, driven largely by compensation reserves for Hong Kong-tied derivative products.
Samsung Electronics forecasts a 931.3 percent yearly rise in operating profit for the first quarter, signaling a dramatic turnaround in its semiconductor business.
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.
Restructuring efforts and price hikes enabled the power company to cut its operating loss by 28.09 trillion won.
Korean Air and Asiana Airlines both achieved record revenue in 2023 due to increased demand from international passengers but saw profitability decline.
Operating profit, however, remains in the red as the company prepares for a possible IPO.
CJ CheilJedang reported a Q4 net profit of 151.9 billion won, a 99 percent on-year increase, exceeding market expectations. Sales decreased to 7.28 trillion won.
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.
Korea JoongAng Daily Sitemap