This file photo shows the buildings of South Korea’s major companies in Seoul. (Yonhap)
SEOUL, April 28 (Korea Bizwire) — The U.S. subsidiaries of South Korea’s major firms reported mixed results in 2022, a corporate tracker said Thursday.
The nation’s four major enterprises — Samsung Electronics, SK hynix, Hyundai Motor, and LG Electronics — saw their four major American subsidiaries, in which they have a more than 50 percent stake, achieve combined revenue of 115.7 trillion won (US$86.3 billion) last year, up 19.7 percent year on year, according to data from the Korea CXO Institute.
In particular, Hyundai’s U.S. business chalked up sales of 33.7 trillion won last year, up 47.2 percent year on year.
During the same period, SK hynix, Samsung, and LG also saw their respective American subsidiaries record revenue growth of 13.8 percent, 10.4 percent, and 10.4 percent, respectively.
Hyundai’s U.S. subsidiary recorded a net profit of 2.5 trillion won last year, a sharp increase of 147.9 percent compared to the previous year.
In contrast, Samsung saw its U.S. business’s net profit decline by 73.3 percent from 823.9 billion won to 219.6 billion won.
LG and SK hynix also saw the net profits of their American subsidiaries record negative growth of 24.1 percent and 13.5 percent, respectively, to 191.6 billion won and 58.1 billion won.
J. S. Shin (js_shin@koreabizwire.com)
