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Q3 not looking bright for major domestic companies
- Q3 not looking bright for major domestic companies
The third quarter of the year is looking grim in terms of profits for two-thirds of Korea's largest firms.
According to market researcher FnGuide‚ the market consensus for the third quarter operating profit of 71 out of 109 companies was lower than a month ago.
The forecast for Samsung Electronics‚ Korea's biggest firm‚ was down by four percent‚ and the outlook for its rival‚ LG Electronics‚ by more than seven percent.
(cg) Top construction firms‚(cg) and the country's biggest steelmaker were not spared downgraded projections either.
(cg) It's a similar story for cosmetic giant Amore Pacific‚ which was particularly affected by the MERS outbreak.
(cg) Samsung C&T and Cheil Industries‚ two Samsung Group affiliates set to merge‚ were cut too.
(cg) And for the nation's shipbuilders‚ (cg) and Korea's leading railway manufacturer‚ the outlook is even more bleak.
The dropping profit expectations are largely due to low global demand as Korea's biggest companies are largely export-reliant.
And this is why some believe profitability won't improve anytime soon.
"If the global economy picks up and Korea's price competitiveness improves‚ exports will pick up. But‚ for that to happen we have to enhance our product quality. And THAT's more of a mid- to long-term issue."
But some analysts are less pessimistic -- like Kim Hyung-ryul of Kyobo Securities‚
who says the Q3 forecast is based on major Korean firms‚ meaning a decline in their profits could represent a better balance of market dominance between big and small companies.
Kwon Soa‚ Arirang News.
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