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Corporate revenue in S. Korea falls for 9 quarters

Xinhua, September 22, 2016 Adjust font size:

Revenue among South Korean companies declined for more than two years through the second quarter of this year, indicating a continued slowdown in the export-driven economy, central bank data showed on Thursday.

Average corporate revenue declined 1.9 percent in the second quarter from a year earlier, keeping a downward trend since the second quarter of 2014, according to the Bank of Korea (BOK).

The result is based on the sampling of 3,062 companies subject to external audit. The corporate revenue reduced 2.4 percent last year.

The continued reduction is attributable to lower export prices of oil products amid falling global crude oil prices as well as a drop in orders won by local shipbuilders and lackluster exports of metal products.

Revenue among manufacturers, many of which depending on exports, retreated 2 percent during the April-June period compared with a year earlier. It was a faster decline than a 1.7 percent fall among non-manufacturers.

Combined corporate assets rose 0.6 percent in the April-June period, but it was a lower growth than a 1.2 percent increase in the same period of last year.

Corporate profitability was enhanced due mainly to lower energy costs. The ratio of operating profit to revenue was 6.3 percent in the second quarter, up from 5.8 percent a year earlier. It was the highest since the first quarter of 2011.

The ratio for big corporations stood at 6.3 percent in the quarter, higher than 0.3 percent among small businesses. Endit