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Jin Air Achieves Record Profits in 2023 Amidst Strong Demand for Budget Travel

Jin Air Achieves Record Profits in 2023 Amidst Strong Demand for Budget Travel

SEOUL, Jan. 17 (Korea Bizwire) – South Korean budget airline Jin Air Co. said Wednesday it posted record earnings in 2023 on strong demand, shaking off the fallout of the coronavirus outbreak. Net income came to an all-time high of 135.8 billion won (US$101 million) on a separate basis last year, the first black ink [...]

Samsung Flags 35 Pct Slip in Q4 Profit, Misses Forecast

Samsung Flags 35 Pct Slip in Q4 Profit, Misses Forecast

SEOUL, Jan. 9 (Korea Bizwire) – Samsung Electronics Co. on Tuesday predicted that its operating profit for the fourth quarter of last year would tumble 35 percent on year, hurt by persistently weak demand for its mainstay semiconductor division. Samsung, the world’s biggest maker of memory chips and smartphones, estimated its fourth-quarter operating profit at [...]

LG Electronics Reports Soaring Q4 Operating Profit Driven by Home Appliances and Vehicle Component Solutions

LG Electronics Reports Soaring Q4 Operating Profit Driven by Home Appliances and Vehicle Component Solutions

SEOUL, Jan. 8 (Korea Bizwire) – LG Electronics Inc., South Korea’s leading home appliance maker, said Monday its operating profit likely more than quadrupled in the fourth quarter from a year earlier, helped by robust sales of home appliances and vehicle component solutions. Operating profit for the three months ended in December soared to an [...]

Hyundai and Kia Experience 8.7% Sales Growth in the UK from January to October

Hyundai and Kia Experience 8.7% Sales Growth in the UK from January to October

SEOUL, Nov. 20 (Korea Bizwire) – Hyundai Motor Co. and its smaller affiliate Kia Corp. said Monday their combined vehicle sales in Britain rose 8.7 percent in the January-October period from a year earlier on increased sales of environmentally friendly models. In the first 10 months, Hyundai and Kia sold a total of 173,428 vehicles [...]

Hyundai Motor Anticipated to Lead in Profit Generation Among Listed Firms in 2023

Hyundai Motor Anticipated to Lead in Profit Generation Among Listed Firms in 2023

SEOUL, Nov. 16 (Korea Bizwire) –Hyundai Motor Co., South Korea’s top automaker, is expected to post the biggest operating profit among local listed firms in 2023, outstripping perennial leader Samsung Electronics Co., a corporate tracker said Thursday. Samsung Electronics has remained atop the operating income list since 2009, but its operating income is forecast to [...]

Despite Industry Challenges, Hyundai Ranks Second in U.S. EV Market

Despite Industry Challenges, Hyundai Ranks Second in U.S. EV Market

SEOUL, Nov. 12 (Korea Bizwire) – South Korea’s Hyundai Motor Group stands as the second-largest player in the U.S. market for electric vehicles (EVs) despite concerns surrounding Washington’s protectionism policy, data showed Sunday. Hyundai Motor Co. took up 4.8 percent of the U.S. EV market in the January-September period, with its smaller sister Kia Corp. [...]

Hyundai and Kia Surpass 200,000 Eco-Friendly Car Sales in the U.S. from January to September

Hyundai and Kia Surpass 200,000 Eco-Friendly Car Sales in the U.S. from January to September

SEOUL, Oct. 15 (Korea Bizwire) – Hyundai Motor Co., South Korea’s biggest carmaker, and its affiliate Kia Corp. sold more than a combined 200,000 eco-friendly vehicles in the United States in the January to September period, according to the companies Sunday. The two automakers have sold a combined 213,270 eco-friendly cars in the U.S. in [...]

Samsung Anticipates Reduced Chip Losses in Q3 due to Production Cutbacks

Samsung Anticipates Reduced Chip Losses in Q3 due to Production Cutbacks

SEOUL, Sept. 30 (Korea Bizwire) – Samsung Electronics Co. is expected to reduce its chip deficit in the third quarter, thanks largely to a continued cut in its chip output, according to analysts Saturday. Samsung, the world’s largest memory chip maker, slashed its chip production early this year, belatedly joining its peers, like SK hynix [...]

South Korean Refineries Anticipate Q3 Turnaround Amidst Strengthened Margins

South Korean Refineries Anticipate Q3 Turnaround Amidst Strengthened Margins

SEOUL, Sept. 29 (Korea Bizwire) – Major South Korean refiners are expected to post a turnaround in their third quarter earnings, recovering from losses and dismal profits in the previous quarter, on the back of stronger margins amid rising oil prices, according to analysts Friday. SK Innovation Co., the energy unit under SK Group, is [...]