South Korean defense companies’ operating profits nose-dived last year due to a significant drop in exports and an increase in R&D costs, data showed.
According to the Korea Defense Industry Association, the combined operating profits of its 93 member companies amounted to 60.2 billion won ($53.06 million) in 2017, an 88 percent decrease from 503.3 billion won in 2016.
Revenue also dropped 13.9 percent to 12.761 trillion won, down 13.9 percent from a year earlier.
By Choi Ji-won (
jwchoikr@heraldcorp.com)
