Hyundai Motor Group units perform best among top 4 Korean conglomerates

[Source : Hyundai Mobis]

Hyundai Motor Group family performed best this year among South Korea’s top four business conglomerates based on the bottom line of the parent entities reflecting the earnings of their subsidiaries.

According to the analysis of Maeil Business Newspaper on Sunday, Samsung C&T, SK Inc., LG Corp., and Hyundai Mobis who act as the holding entities for the four largest conglomerates earned a combined net profit of 4.14 trillion won ($3.09 billion) according to their equity stakes in affiliates as of September this year, off 3 percent from the same period last year.

Samsung C&T raked in net income of 122 billion won from stake holdings, higher than 114.6t billion won on increased earnings from key affiliates Samsung Electronics, Samsung Biologics, and Samsung SDI.

Companies under Hyundai Motor Group contributed 966.7 billion won versus 831.1 billion won a year ago to the bottom line of Hyundai Mobis that act as the holding entity for the automaking conglomerate.

SK saw net income contribution from the affiliates under its arm decline from 1.37 trillion won to 1.26 trillion won as its mainstay SK telecom’s net profit shriveled from 2.10 trillion won a year ago to 724 billion won in the first nine months this year.

LG’s income from affiliates also fell from 1.94 trillion won to 1.79 trillion won due to weaker performance by LG Chem and LG Household & Health Care.

Shares of Samsung C&T rose 1.7 percent and LG 4.94 percent as of Nov. 25 this year, while SK lost 17.8 percent and Hyundai Mobis 18.3 percent.