Korea's top firms are donating more this year, corporate tracker says

Top companies in Korea have been donating more in the first nine months of this year compared to last year despite weaker earnings, a corporate tracker said Wednesday.

Hyundai Motor and Kia posted the biggest annual increase in their donations. Pictured is Hyundai Motor's headquarters in Seocho District, southern Seoul. [YONHAP]

Top companies in Korea have been donating more in the first nine months of this year compared to last year despite weaker earnings, a corporate tracker said Wednesday.

A total of 264 out of the country's top 500 firms by sales donated a combined 1.42 trillion won ($1.09 billion) to charities from January to September, up 25.1 percent from a year ago, CEO Score, which tracks corporate management activities, said.

It said the increase came despite weaker corporate performances during the period.

The companies' cumulative operating profit tumbled 31.3 percent on-year to 93.37 trillion won, and their combined sales also slid 4.5 percent to 1.8 quadrillion won.

Hyundai Motor and Kia posted the biggest increase in their donations.

Hyundai's donations in the first three quarters amounted to 136.2 billion won, marking a nearly 180 percent increase from the same period last year. Similarly, Kia's donations soared 366 percent to 73.6 billion won.

Donations by Samsung Electronics and SK hynix, however, fell 19.4 percent and 27.3 percent to 179.6 billion won and 41.6 billion won, respectively.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]