Over half of midsized firms report profit decline in H1: data
According to the data from corporate tracker CEO Score, 500 listed midsized firms posted a combined operating profit of 6.34 trillion won ($4.55 billion) in the January-June period, down 4.1 percent from 6.62 trillion won a year ago.
Sales, however, climbed 3.1 percent on-year to 122.6 trillion won during the same period.
Out of the 500 firms, 269, or 53.8 percent, saw operating profit fall, while 60 firms, or 12 percent, remained in the red.
The information technology and electronics sector suffered the steepest decline, with combined operating profit dropping 25 percent to 1 trillion won from 1.35 trillion won a year earlier.
The construction sector also struggled, as its combined operating profit plunged 42.5 percent, or 222.3 billion won, from a year ago.
In contrast, the service sector recorded the strongest growth, with operating profit soaring 30.7 percent on-year to 1.04 trillion won from 797.7 billion won.
"The IT and electronics sector was hit hard by sluggish demand driven by US tariffs," said an official from CEO Score, adding that a prolonged economic slump weighed heavily on midsized firms' bottom lines. (Yonhap)
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Over half of midsized firms report profit decline in H1: data
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