Samsung affiliates suffer downbeat earnings in Q2: data

Samsung Group, the country's top conglomerate, saw its affiliates log weaker than expected earnings during the second quarter of the year, while No. 2 Hyundai Motor Group managed to rack up decent bottom lines, data showed on Wednesday.

According to the data compiled by market researcher FnGuide, 35 companies affiliated with the nation's top five conglomerates reported their second-quarter earnings and 22 of them posted market forecast-beating profits.

In the case of Samsung, four out of its 11 affiliates -- Samsung Electronics Co., Samsung C&T Corp., Samsung SDS Co., and Cheil Worldwide -- reported forecast-beating earnings.

Samsung Electronics, the group's flagship firm, reported its biggest quarterly operating profit in more than two years during the April-June period, boosted by robust sales of its latest premium smartphone and cost-cutting efforts.

The world's largest maker of smartphones and semiconductors earned 8.14 trillion won ($7.19 billion) in the April-June period, up 18.06 percent from the same period the year before.

Second-quarter net profit rose 1.65 percent on year to 5.84 trillion won. Sales gained 4.94 percent to 50.9 trillion won.

However, other affiliates such as Samsung Engineering Co. and Samsung Electro-Mechanics Co. reported earnings shocks for the April-June period, the data showed.

Hyundai Motor Group's earnings, meanwhile, were better than expected. Its flagship Hyundai Motor Co. and its affiliate Kia Motors Corp. reported better-than-forecast second-quarter earnings, the data showed.

Hyundai Glovis and Hyundai Mobis also racked up stronger-than-expected earnings for the second quarter, according to the data.

Other conglomerates reported mixed second-quarter earnings results.

SK Group, the country's No. 3, saw its refining affiliate SK Innovation log better-than-expected earnings during the April-June period, while its chipmaking unit SK hynix and mobile operator SK Telecom suffered weaker-than-expected bottom lines.

Affiliates of LG Group reported better-than-forecast earnings.

LG Chem, LG Uplus and LG Display delivered market forecast-beating earnings, while LG Electronics and LG Hausys suffered downbeat earnings, the data showed. (Yonhap)