South Korea’s top 500 medium-sized businesses saw a significant increase in earnings during the second quarter of 2024, with combined profits rising 7 percent year-on-year. This growth was driven by strong performances in key sectors like semiconductors and auto parts.
The total operating profit of 492 companies among the country’s top 500 medium-sized firms that filed earnings as of last week reached 3.42 trillion won ($2.52 billion), with their sales rising 4.2 percent to 59.6 trillion won, according to industry tracker CEO Score.
By sector, companies in the electronics segment saw their operating profits more than double over the period, buoyed by strong semiconductor exports.
The operating profits of automobile and auto parts businesses increased 18.9 percent during the same period, with other winners including the petrochemical and construction material industries, which advanced 18.2 percent and 11.6 percent, respectively.
Read more: South Korea’s ICT exports surge 32.8 percent to $19.4 billion on AI and mobile phones
Medical instrument companies also returned to profits in the second quarter, amid a resurgence of COVID-19 infections worldwide, the industry tracker added.
The service sector, which includes entertainment firms, however, saw its combined operating profit dip by 36.9 percent due to the sluggish performance of major labels, including YG Entertainment Inc. and JYP Entertainment Corp.
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