Naver's Q2 profit soars as mobile ad revenue grows

Naver Corp., South Korea's largest internet portal, said Thursday its second-quarter net profit jumped 71.8 percent from a year earlier, thanks to a solid gain in mobile ad revenue. Naver reported a net profit of 213.2 billion won ($189.2 million) for the April-June quarter, compared with a profit of 124 billion won for the same period last year. Second-quarter operating profit rose 44 percent on year to 272.6 billion won. Sales gained 26.3 percent to 987.2 billion won, the company said in a reg

July 28, 2016

Smartphone sales boost Samsung's profit to 2-year high

Samsung Electronics Co. reported its biggest quarterly operating profit in more than two years Thursday, 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, Samsung

July 28, 2016

KPG members work to enhance EMS service

The Kahala Posts Group, an alliance of 10 postal services, kicked off its 14th annual meeting in Seoul on Wednesday.At the meeting, chief executives from Korea, the United States, China, Japan and six other countries discussed ways to improve the quality of EMS, or express mail service, and exchanged ideas to further develop delivery service for electronic commerce, according to the Korea Post.  Chief executives pose at the 14th Kahala Posts Group meeting in Hotel Shilla, central Seoul, Wednesda

July 27, 2016

[Monitor] Newborns fall to lowest level in May　

The number of children born in South Korea dropped to an all-time seasonal low in May, official data showed Tuesday. The number fell 5.8 percent on-year to 34,400, according to Statistics Korea.

July 27, 2016

Chinese firm fined for false disclosure

South Korea's bourse operator imposed a heavy penalty on a Chinese company traded on the country's stock market on Wednesday, for a false regulatory filing that could lead to its delisting.The Korea Exchange designated China Ocean Resources Co. an "unfaithful disclosure" corporate and placed it under a special watch. It was blacklisted as what the KRX calls an "administrative issue." The KRX also slapped a fine of 200 million won ($176,000) on the company, the heaviest fine levied on a listed fi

July 27, 2016

Samsung Life’s product kills two birds with one stone

Samsung Life Insurance is offering a variable universal whole life product to customers who want lifelong death coverage and a steady flow of income after retirement in one plan, the company said Wednesday. The product, launched in April, is like other regular whole life insurance policies as long as the policyholder is below a preset retirement age, providing coverage on unexpected death by a large lump sum payment of the death benefit. But once the policyholder reaches a certain age -- between

July 27, 2016

Hyundai Heavy turns to black in Q2 amid reduced costs

Hyundai Heavy Industries Co., a major South Korean shipbuilder, reported Wednesday that it swung to a net profit during the second quarter thanks in part to reduced costs and improvement in its non-shipbuilding business. Net income came to 392 billion won ($345 million) in the April-June period on a consolidation basis, a turnaround from a loss of 242 billion won a year earlier, the company said in a regulatory filing.Sales dropped 17.4 percent on-year to reach 9.86 trillion won, while it logged

July 27, 2016

Samsung Securities helps nonprofits better manage funds

Samsung Securities hosted a forum on July 19 to advise nonprofit organizations to take a firm grip of their funds amid low interest rates. The low base rate has recently plunged to 1.25 percent, sounding the alarm for nonprofit organizations that have long depended on bank deposits. At the forum, experts called for nonprofit organizations to adopt better fund management methods and pitched a new type of portfolio.Samsung Securities holds an investment forum for nonprofit organizations in Seoul l

July 27, 2016

Korea's foreign VC investment fund breaks W1tr mark

[THE INVESTOR] Foreign VC Investment Fund has attracted more than 1 trillion won (US$881.87 million), the Small and Medium Business Administration announced on July 27.Foreign VC Investment Fund is fund operated by foreign venture firms that invests a set proportion in South Korean companies. The fund was first established in 2013, and about 930 billion won was gathered through 11 foreign venture capital firms. With four venture capital firms being added to the list in the first half of the year

July 27, 2016

Korean shares edge down ahead of Fed meeting

South Korean stocks closed slightly lower Wednesday as investors took a wait-and-see stance ahead of the U.S policy rate-setting meeting later this week. The local currency fell against the U.S. dollar.After choppy trading, the benchmark Korea Composite Stock Price Index shed 2.29 points, or 0.1 percent, to 2,025.05.Trading volume was moderate at 402.25 million shares worth 4.43 trillion won ($3.9 billion), with losers outnumbering gainers 483 to 303.Market analysts said investors are increasing

July 27, 2016

Smaller hedge funds make headway in Korea

[THE INVESTOR] Smaller and new hedge funds are making headway in South Korea, rising to rival those operated by large financial companies. According to industry sources, Anda Asset Management has attracted 288.3 billion won (US$254.41 million) over the past year to become the country’s third largest hedge fund. Anda Asset Management now trails the industry’s second-largest player Mirae Asset Securities by 109 billion won. A year ago the gap was 248.5 billion won. Anda Asset Management founder Ke

July 27, 2016

[EQUITIES] Daishin Securities expects SK hynix’s earnings growth to slow in Q3

[THE INVESTOR] Daishin Securities on July 27 forecast SK hynix will report a slower earnings growth in the third quarter due to a delay in its planned investment in 3-D NAND flash memory.The brokerage put quarterly sales estimates at 4.94 trillion won (US$4.36 billion), with an operating profit of 484 billion won. Daishin also noted that second quarter net profit of 286 billion won missed market estimates by a wide mark, mainly on losses stemming from a stronger Korean currency.The chipmaker’s f

July 27, 2016

[EQUITIES] SK Securities forecasts earnings turnaround for Shinsegae Int’l

[THE INVESTOR] SK Securities on July 27 forecast Shinsegae International will swing to the black in the second quarter of this year as it completes the withdrawal of Salomon, a money-losing clothing brand. The brokerage expected operating profit rising 59.1 percent to 5.9 billion won (US$ 51.76 million) and sales increasing 6.1 percent to 240.9 billion on. These figures are higher than the market consensus of 3.4 billion won of operating profit and 237.9 billion won of sales. Shinsegae Internati

July 27, 2016

Hyundai E&C Q2 net surges 16.4%

South Korean builder Hyundai Engineering & Construction Co. (Hyundai E&C) said Wednesday that its second-quarter earnings jumped over 16 percent from a year earlier despite a slight dip in sales.Net profit came to 167.8 billion won ($147.96 million) in the April-June period, up 16.4 percent from the same period last year, according to the company.Sales slipped 2.7 percent on-year to some 4.69 trillion won, partly due to a delay in major overseas projects.Operating profit climbed 5.5 percent to 2

July 27, 2016

[EQUITIES] Kakao’s Q2 earnings to miss estimates

[THE INVESTOR] Eugine Investment and Securities on July 27 said that Kakao’s second-quarter earnings would miss estimates as the company’s online-to-offline businesses such as Kakao Driver has yet to gain momentum for profitability. The securities firm predicted the company’s April-July revenue and operating profit at 376.3 billion won (US$331.75 million) and 34.7 billion won, respectively, both missing earlier estimates. The suggested price for Kakao was also adjusted from the previous 170,000

July 27, 2016

Samsung Electronics widens share lead in U.S. home-appliance market

Samsung Electronics Co. raised its share of the U.S. home-appliance market for the second quarter of this year, widening its lead over competitors, according to a market estimate on Wednesday. Samsung accounted for 16.7 percent of the U.S. market for five major household appliances -- refrigerators, washing machines, ovens, microwave ovens and dishwashers -- for the April-June period, according to the estimate by market researcher TraQline. It marked a 2-percentage-point increase from the previo

July 27, 2016

Korea, World Bank agree to widen cooperation

South Korea's finance minister on Wednesday held a meeting with the president of the World Bank Group to discuss ways to expand the country's participation in the organization, the ministry here said."It is time to come up with projects to utilize South Korea's experience of economic development and create synergy in the World Bank," Finance Minister Yoo Il-ho said in a meeting with Jim Yong Kim in Seoul.The South Korea-born president has been in Seoul since Monday, following a Group of 20 meeti

July 27, 2016

Kia Motors Q2 net jumps 10.6%

Kia Motors Corp., South Korea's No. 2 automaker, said Wednesday that its second-quarter net income surged over 10 percent from a year earlier on a large increase in sales.Net profit came to 825.7 billion won ($727 million) in the April-June period, up 10.6 percent from the same period last year, the company said in a regulatory filing.Sales jumped 16.1 percent on-year to 14.45 trillion won, marking the highest quarterly tally since 2010, when the company adopted international financial reporting

July 27, 2016

LG Display posts Q2 net loss of $73.7 mln

LG Display Co., the world's largest maker of liquid crystal displays, suffered a net loss of 83.9 billion won ($73.7 million) for the second quarter of this year, hit by weaker demand for smartphone panels. Its second-quarter operating profit plunged 91 percent on year to 44 billion won, the company said in a regulatory filing on Wednesday. Sales for the April-June period also declined 13 percent from a year earlier to 5.9 trillion won, the company said.  (Yonhap)

July 27, 2016