Listed firms' 2008 earnings plunge amid economic woes

SEOUL, April 5 (Yonhap) -- South Korean listed companies' earnings nosedived 41
percent in 2008 from a year earlier, hit by a weakening local currency and high
oil prices, the stock market operator said Sunday.
The combined net profit of 563 firms listed on the main bourse stood at 31.98
trillion won (US$23.9 billion) in fiscal 2008, compared with 54.1 trillion won
the previous year, according to the Korea Exchange (KRX)
The companies' total sales, however, jumped 23.7 percent on-year to reach 878.4
trillion won, it said.
Due to weak earnings, their debt-equity ratio rose to 99.83 percent at the end of
2008 from 80.68 percent a year earlier.
The KRX said companies affiliated with large conglomerates performed better than
other listed companies. The affiliates of the 10 biggest conglomerates saw their
earnings shrink 18.9 percent to 23.3 trillion won.
Samsung Group, which controls chip giant Samsung Electronics Co., booked the
highest net profit of 7.32 trillion won, with Hyundai Motor Group trailing with
3.51 trillion won, it said.
pbr@yna.co.kr
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