Kospi members report subdued bottom line, Kosdaq survive Q1 well

Susan Lee 입력 2022. 5. 18. 15:21
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Kospi-listed Korean companies pulled off second-largest ever operating profit during the first quarter, but their bottom line deteriorated from high prices and interest rates while Kosdaq members reported across-the-board positive income statement.

According to the Korean Exchange on Wednesday, 608 listed members posted an operating profit of 50.5 trillion won ($39.8 billion) on a consolidated basis in the first quarter, up 14.43 percent on year. Sales rose 24.18 percent on year to 660.9 trillion won, but net profit fell 13.79 percent on year to 41.7 trillion won.

The ratio of operating profit to sales was 7.64 percent, falling 0.65 percentage points on year while the net profit ratio was 6.31 percent, down 2.78 percentage points.

“As there were more listed companies compared to the first quarter of last year, numerically there was an increase in sales and operating profit, but in reality consolidated net profit fell due to multiple unfavorable market conditions,” said an official from the KRX.

Excluding Samsung Electronics, Kospi-listed companies’ operating profit was 36.4 trillion won and revenue was 583.1 trillion won, each surging 4.69 percent and 24.91 percent on year on a consolidated basis. Net profit, however, fell 26.33 percent on year to 30.3 trillion won.

Revenue across all 17 industries went up while the operating profits of construction, machinery, non-metallic minerals, and electric gas industries all fell.

The debt ratio of the Kospi companies averaged 118.57 percent, up 2.30 percentage points from the previous year, raising concerns regarding the financial soundness.

Of the 608 listed companies, 476 companies were in the black, down by 28 companies compared to the previous year, with 132 companies in the red.

In the financial industry, 43 firms posted an operating profit of 12.9 trillion won and a net profit of 9.9 trillion won on a consolidated basis, rising 5.61 percent and 5.71 percent, respectively.

Operating profit of security firms and insurance companies plunged 34.16 percent and 31.8 percent respectively while their net profit sank 36.36 percent and 34.10 percent, on bearish stock market. Operating profit growth was highest for financial holding groups with 14.45 percent, followed by banks with 8.73 percent.

Kosdaq-listed companies fared well across the board.

The 1,050 members on the Kosdaq market posted revenue of 62.7 trillion won on a consolidated basis, up 20.89 percent from the previous year. Operating profit was 4.2 trillion won and net profit 3.3 trillion won on a consolidated basis, jumping 26.02 percent and 2.87 percent, respectively.

The ratio of operating profit to sales rose by 0.28 percentage points to 6.82 percent but the net profit ratio fell by 0.93 percentage points to 5.30 percent.

Debt ratio rose 2.36 percentage points from the previous year to 109.39 percent.

In the IT industry, revenue surged 20.68 percent and operating profit 39.94 percent.

Of the members, 687 companies turned to black while 363 companies were in the red.

“The earnings performance of pharmaceutical companies that manufacture Covid test kits were sluggish while battery and chip companies posted solid earnings during the first quarter this year,” said the KRX official.

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