Daewoo Engineering & Construction Co., a major South Korean construction company, said Thursday its third-quarter net profit rose 17.9 percent from a year earlier due to decreased costs. In the three months ending Sept. 30, Daewoo E&C posted a net profit of 56 billion won ($49 million), compared with a profit of 47.5 billion won a year earlier, the company said in a regulatory filing. The company said selling, general and administrative costs fell in the third quarter from a year earli

Hyundai Motor Co. on Thursday unveiled the design of the GV70 SUV under its independent Genesis brand as it strives to gain a share in the high-end vehicle market. The midsized GV70 is the second SUV model with the Genesis badge following the launch of the GV80 SUV in January. Hyundai applied its "athletic elegance" design language to the GV70 following the similar aesthetic of the GV80 SUV and G80 sedan. The GV70 comes with Signature Genesis design elements that include a deep cr

Duty-free sales in South Korea edged up in September on increased purchases by Chinese vendors, industry data showed Thursday. Combined sales at duty-free shops in Asia's fourth-largest economy came to 1.48 trillion won ($1.31 billion) last month, up about 40 billion won from the previous month, according to the Korea Duty Free Shops Association. It marked the fifth straight month of gains since April when sales fell below the 1 trillion-won threshold for the first time in four years. Despite

South Korea's top internet portal operator Naver Corp. said Thursday its net profit nearly tripled in the third quarter from a year earlier on the back of booming online goods transactions on its platform amid the pandemic. Net profit reached 235.3 billion won ($207.5 million) in the July-September period, up 176 percent from 85.3 billion won a year earlier, the company said in a regulatory filing. Operating income reached 291.7 billion won in the third quarter, up 1.8 percent from the previou

Samsung Electronics Co. on Thursday expected its profitability to worsen in the fourth quarter after delivering a forecast-beating performance in the third quarter on its better-than-expected chip business and demand for its mobile and home appliance products amid the pandemic. The world's largest memory chip and smartphone vendor said its net profit amounted to 9.36 trillion won ($8.3 billion) in the third quarter, up 48.9 percent from a year earlier. Operating profit jumped 58.8 percent on-y

Fiat Chrysler Automobiles Korea said Wednesday that it is releasing the All-New Wrangler Willys edition, presenting just 100 units here. According to the company, the All-New Wrangler Willys edition was inspired by the Willys Overland CJ-3A -- the “father” of modern recreational vehicles, which was introduced around the end of 1948. The four-door off-roader has a hood that displays a decal exclusive to the Willys and a black seven-slot grille that hints at the original Willys, t

Amorepacific Corp. said Wednesday its third-quarter net profit declined 93.1 percent from a year earlier as sales of its cosmetics at offline channels were hit by the new coronavirus outbreak. Net income came to 7 billion won ($6.2 million) in the July-September period, compared with 102.3 billion won a year earlier, South Korea's largest cosmetics maker said in a regulatory filing. From three months earlier, net profit rose 4.6 percent. Operating profit declined 48 percent on-year to 56 bill

KT, South Korea‘s leading telecommunications firm, announced its corporate vision Wednesday to strengthen its non-telecommunications businesses. The company also introduced a new corporate brand KT Enterprise as part of its efforts to increase investment in services powered by artificial intelligence, big data and cloud technology. KT CEO Ku Hyeon-mo stressed that the company will increase its investment in up-and-coming platform sectors to secure future growth during a press conference

ULikeKorea’s LiveCare calf biocapsule was acknowledged in Korea and Japan as an animal medical device, the company said Wednesday. ULikeKorea’s LiveCare is a monitoring tracker that, once swallowed, lodges inside the cow’s first stomach and stays there for its life span of some five years. The capsule contains an information and communication technology device that picks up on the cow’s body temperature, range of activity, mating season and 40 types of animal diseases. T

　Merck will invest 20 million euros ($23.6 million) in and around Pyeongtaek, Gyeonggi Province, to increase its organic light-emitting diode manufacturing capabilities, the company said Wednesday. 　The 20 million euros will be used to establish a modular production system for an additional OLED sublimation purification facility, and expand its OLED manufacturing facility in the neighboring county of Poseung-eup. 　OLED sublimation purification is a key step that ensures top-level OLED quality

GC LabCell tentatively filed a record-breaking third-quarter business performance, on the back of increased swab sample analysis and biologics distribution. From July to September, GC LabCell made a 2.9 billion won ($2.5 million). Its revenue increased 64 percent on-year to 23.9 billion won -- the highest figure GC LabCell has ever made in a quarter. Accumulated revenue from the first quarter through third quarter reached 59.1 billion won, surpassing 2019’s yearly accumulated revenue of

South Korea’s National Pension Service said Tuesday it will vote against LG Chem’s plan to carve out its battery business into a wholly-owned subsidiary LG Energy Solution, though the state pension fund’s opposition is unlikely to hinder the move. The split-off, which awaits a final approval at a shareholders’ meeting set for Friday, requires support from more than two-thirds of shareholders in attendance and one-third of outstanding shares. The NPS is the second-large

Korea Post said Wednesday it has tested a self-driving mail delivery vehicle, joining the country's race to introduce unmanned delivery services. The agency said it tested the vehicle, developed by PostCube Co., a local automatic postal service developer, at the Korea University Sejong Campus in the central city of Sejong, 120 kilometers south of Seoul, delivering a package to a student on campus. The unmanned vehicle, which serves as a standalone post office, has a digital kiosk inside that a

Eyes on leadership inheritance, changes in Samsung’s governance

Posco CEO Choi Jeong-woo has suggested the global steel industry jointly respond to structural changes accelerated by coronavirus and find sustainable growth measures at a recent steel conference, the firm said Wednesday. On Tuesday, Choi gave a keynote speech on the theme of Post-COVID-19 megatrends at the Steel Success Strategies conference hosted online by World Steel Dynamics. WSD is a US-based steel research firm that conducts and announces competitiveness evaluations for major global s