The Korea Herald

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Listed financial firms‘ H1 net down 13.7%

By Korea Herald

Published : Dec. 1, 2011 - 16:31

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South Korean financial firms listed on the local bourse saw their consolidated earnings for the April-September period slump 13.7 percent from a year earlier due mainly to global financial uncertainties, a report showed Thursday.
The combined net profit of 28 securities firms and insurance companies with assets over 2 trillion won, such as Daewoo Securities Co. and Samsung Life Insurance Co., totaled 2.47 trillion won ($2.17 billion) in the fiscal first half, compared with 2.86 trillion won a year earlier, according to the report by the Korea Exchange.
A company with more than 2 trillion won in assets is required to file a consolidated financial statement that brings together all assets, liabilities and operating accounts of a parent company and its subsidiaries. The tallied financial firms closed their books on March 31.
The firms’ combined operating income also slipped 12.6 percent on-year to 3.17 trillion over the cited period, the report showed.
The corresponding data for revenue was unavailable.
The weaker bottom line came on the back of investment losses by brokerages and life insurers, while non-life insurance companies saw their quarterly business results improve, according to the report. (Yonhap News)