More than 60% of S. Korean firms’ subsidiaries based abroad

[THE INVESTOR] More than 60 percent of listed South Korean companies’ subsidiaries are based overseas, Financial Supervisory Service said on July 27.According to the FSS, 6,330 of 10,327 subsidiaries of listed companies are based abroad. Of the total, 573 were established last year, the FSS said. FSS’s analysis also showed that of the top 100 largest companies’ overseas subsidiaries were based in Asia, with China-based subsidiaries accounting for half of Asia-based subsidiaries of Korean compani

July 27, 2016

Hyundai E&C Q2 profit up 5.5% on overseas projects

[THE INVESTOR] Hyundai E&C, the engineering and construction unit of Hyundai Motor Group, on July 27 said that its second-quarter operating profit increased 5.5 percent to 268.4 billion won (US$236.80 million) from a year ago, thanks to large orders from the Middle East. But revenue was down 2.7 percent to 4.6 trillion won during the April-June period. A nuclear power plant being built by Hyundai E&C in the United Arab EmiratesFor the whole year, the company’s operating profit soared 4.5 percent

July 27, 2016

Hyundai Heavy’s revival plans will put it in the clear: Samil PwC

[THE INVESTOR] Hyundai Heavy Industries will be in the clear should its restructuring measures be executed according to plans, Samil PwC concluded on July 26. Samil PwC has been reviewing Hyundai Heavy’s plans on the request of the shipbuilder’s major creditors including the Export-Import Bank of Korea since May 23. Hit by difficulties, Hyundai Heavy drew up restructuring plans that would cut costs and streamline its businesses. Under the plans, the company will lower its debt by about 2 trillio

July 26, 2016

Opposition party seeks to introduce US-style class action

[THE INVESTOR] Opposition parties are seeking the introduction of US-style class action in South Korea prompted by Volkswagen’s emissions scandal. On July 26, progressive heavyweight Rep. Park Young-sun of the main opposition The Minjoo Party of Korea submitted a proposal for the introduction of “class action act.”  Rep. Park Young-sun(right) of The Minjoo Party of Korea proposes the introduction of class action act. / The Investor(Park Hae-mook) “Like the Volkswagen case, (cases in which) it is

July 26, 2016

Hyosung posts record Q2 figures

[THE INVESTOR] Hyosung corp on July 26 posted record second-quarter operating profit buoyed by improving performance across its portfolio.The company’s regulatory filing showed that its operating profit jumped 29.8 percent from a year ago to come in at 331 billion won (US$291.49 million). According to the company, this is the first time its quarterly operating profit crossed the 300 billion won mark. Aided by the second-quarter figures, the company’s operating profit for the first six months of

July 26, 2016

Hyundai Mipo wins contract for car ferry

[THE INVESTOR] Hyundai Mipo Dockyard announced on July 25 that it has won a contract for a car ferry. The vessel will be delivered to Weidong Ferry, a South Korea-China joint venture, in September 2018. Hyundai Mipo Dockyard and Weidong Ferry hold a signing ceremony on July 22. / Hyundai Mipo DockyardThe ferry will operate on the Incheon-Qingdao route, the company said. It will be designed to carry up to 724 passengers, and have a cargo capacity equivalent to 320 standard 20-foot shipping contai

July 26, 2016

SK hynix profit falls 67.1% on weak chip demand

[THE INVESTOR] SK hynix, the world’s second-largest memory chipmaker after Samsung Electronics, posted a plunge in its second-quarter profit as chip prices continued to decline due to weaker demand for smartphones and PCs. Operating profit fell 67.1 percent to 452.9 billion won (US$390 million), the lowest in more than three years, during the April-June period. Revenue also dropped 15 percent to 3.9 trillion won. SK hynix headquarters in Icheon, Gyeonggi ProvinceDespite increased shipments of DR

July 26, 2016

S-Oil posts record-high operating income in H1

[THE INVESTOR] South Korea’s third-largest oil refiner S-Oil Corp. said its second-quarter net profit rose 3.8 percent from a year earlier on improving refining business.Saudi Arabian oil Company Aramco has 63.41% of S-Oil's stakes through A.O.C.B.V(Aramco Overseas Company B.V.). Operating income rose 6.1 percent to 643 billion won, up 6.1 percent. For the first half of the year, the figure stood at a record-high of 1.13 trillion won (US$993.15 million) on a consolidated basis, the company said

July 26, 2016