Kospi combined profit off 26% on year Q3, likely to lose another 14% Q4

2022.11.17 11:36:02 | 2022.11.17 11:38:21

[Provided by Maekyung Media Group]이미지 확대

[Provided by Maekyung Media Group]

The bottom line of Kospi members shriveled 12 percent as of September this year against a year-ago period, largely owing to bulky 21.8 trillion won ($16 billion) losses of state power monopoly Korea Electric Power Corp. (KEPCO).

According to Korea Exchange and the Korea Listed Companies Association (KICA) on Wednesday, 601 trading on the Kospi (excepting financial companies) with their fiscal year ending on Dec. 31 earned combined net income of 113.2 trillion as of September, down 12.4 percent from a year ago period.

Cumulative sales up to September this year came to 2,084 trillion won ($1.55 trillion), up 24.51 percent from a year ago. Their operating profits in the first nine months amounted to 146.25 trillion won, up 1 percent.

Their operating profit in the third quarter fell 30 percent on quarter and 26 percent on year to 39.4 trillion won.

The main damper came from KEPCO whose losses up to September reached 21.83 trillion won. Naver delivered worse on-year results as last year’s statement reflected one-off income from divesture related to the merger of LINE Corp. and Z Holdings in Japan.

The fourth-quarter outlook is equally dim on slump in key chip and IT exports

According to financial data tracker, FnGuide, consensus on 257 listed firms with more than three estimates by brokerage firms showed combined operating profit of Kospi companies stopping at 39.60 trillion won, down 13.9 percent from a year ago, while sales are projected to gain 13 percent to 667.35 trillion won.

By Kang Min-woo and Jenny Lee

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