GWANGMYEONG, Sept. 14 (Korea Bizwire) — IKEA Korea said Wednesday its sales fell 10 percent in this fiscal year in the first decline after entering South Korea in 2014 as more customers held back spending on home furnishing goods amid eased virus restrictions. The South Korean arm of the Swedish furniture maker said it logged [...]
SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s financial holding firms saw their combined net profit jump 7.9 percent in the first half this year primarily due to higher interest income, data showed Tuesday. The combined net profit of KB Financial, Shinhan Financial and eight other financial holding firms stood at 12.41 trillion won (US$9.08 [...]
SEOUL, Sept. 1 (Korea Bizwire) — Plug-in hybrid electric vehicles (PHEVs) from Hyundai Motor Co. and its affiliate Kia Corp. are selling well despite the global popularity of EVs. Hyundai Motor Group reported that since PHEVs were first released in 2015, the average annual sales growth reached 106.8 percent, easily surpassing EV’s annual sales growth [...]
SEOUL, Aug. 29 (Korea Bizwire) — Hyundai Rotem Co., South Korea’s sole tank manufacturer, said Monday it has signed a 499 billion won (US$372 million) K2 tank deal in Poland. Hyundai Rotem signed the deal with Poland’s state defense procurement agency to build 180 K2 tanks for the Polish military by December 2027, the company [...]
SEOUL, Aug. 25 (Korea Bizwire) — South Korea has won a 3 trillion won (US$2.25 billion) deal to build a nuclear power plant in Egypt, delivering a boost to the languishing nuclear power industry at home, a presidential official said Thursday. Under the deal, which was signed in Cairo the same day, South Korea’s state-run [...]
SEOUL, Aug. 25 (Korea Bizwire) — Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Thursday it has received a 755.7 billion-won (US$560 million) order for subway train cars in Egypt. Under the deal signed with Egypt’s National Authority for Tunnels (NAT), Hyundai Rotem will supply subway train cars for the [...]
SEOUL, Aug. 18 (Korea Bizwire) – South Korean banks saw their net profit decline 9.9 percent on-year in the first half as their non-interest income shrank, data showed Thursday. Their combined net income came to 9.9 trillion won (US$7.5 billion) in the January-June period, compared with a profit of 11 trillion won tallied a year [...]
SEOUL, Aug. 16 (Korea Bizwire) – SsangYong Motor Co., the South Korean unit of Mahindra & Mahindra Ltd., said Tuesday its net losses narrowed in the first half from a year earlier, helped by increased exports. Net losses for the six months ending in June narrowed to 30.3 billion won (US$23 million) from 180.5 billion [...]
SEOUL, Aug. 16 (Korea Bizwire) — South Korean online lender K-Bank said Tuesday it posted the strongest performance for any first half on increased interest revenue. K-Bank’s first-half net income stood at 45.7 billion won (US$34.9 million), far beyond the 22.5 billion won annual net profit of last year and marking the highest first-half earnings [...]
SEOUL, Aug. 15 (Korea Bizwire) — South Korea’s four major refiners posted a record combined operating profit in the first half as high oil prices pushed up refining margins, their earnings data showed Monday. From January to June, SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co. reported 12.32 trillion won (US$9.43 [...]