Korean listed firms sharply reduced their cash dividends paid out to their shareholders this year as growing economic uncertainties have led them to secure capital amid a dim earnings outlook, data showed Thursday.
The combined interim cash dividends of six local listed firms that logged their dividend payouts in the regulatory filings stood at 118.4 billion won ($103.6 million) as of June 19, down 57.2 percent from 276.4 billion won a year ago, according to the data compiled by financial information provider FnGuide.
The tallied firms close their books on Dec. 31.
No. 3 oil refiner S-Oil Corp. made the biggest cut in its cash dividend payout at 52.4 billion won this year, down 72 percent from 186.3 billion won a year earlier. Hana Financial Group Inc., the country’s third-largest lender, slashed its cash dividends to 48.2 billion won in the first half, a 33.3 percent cut from a year earlier.
Analysts said the firms reduced cash dividend payouts on expectations of lackluster performance for the second quarter of the year. According to local brokerages, S-Oil will likely see its net profit fall 55.2 percent on-year during the second quarter largely owing to a dip in global oil prices. Hana Financial logged a net profit of 225.1 billion won in the second quarter, down 54 percent from a year earlier. (Yonhap News)
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