Nearly two out of five South Korean companies listed on the main bourse are expected to see their earnings fall on-year in 2013, data showed Wednesday, due to losses in shipbuilders and steelmakers.
According to the data by market researcher FnGuide, 92 out of 231 listed firms for which three or more brokerage houses have offered earnings forecasts for 2013 are anticipated to suffer a decline in their operating profits.
Market watchers said the stagnant earnings outlook came as the prolonged global economic slump and the weak Japanese yen against the local currency dealt a harsh financial blow to steelmakers, logistics and shipbuilders.
POSCO, South Korea's No. 1 steelmaker, is expected to see its operating profit for 2013 reach 3.1 trillion won ($2.9 billion), falling 14.4 percent from 3.6 trillion won tallied a year earlier.
Daewoo Shipbuilding & Marine Engineering Co. is expected to suffer an 11.3 percent on-year decline in its operating income for 2013, while Hyundai Mipo Dockyard Co. is poised to move to deficit this year, the data showed.
Logistics firms are also anticipated to remain in the doldrums, with Hanjin Shipping Co. and Hyundai Merchant Marine maintaining its shortfall from the previous year, the data added.
Meanwhile, technology firms are expected to boast improved performances for 2013, with market behemoth Samsung Electronics Co. raking in an operating profit of 38.8 trillion won, up 33.7 percent from a year earlier.
LG Electronics Inc., Samsung's smaller rival, is also anticipated to see its operating profit rise 10.3 percent over the cited period, with leading chipmaker SK hynix Inc. also moving inversely to yields for fiscal 2013. (Yonhap News)
