Daily Times

Profits of South Korea’s listed companies logged a double-digit fall last year due to rapid interest rate hikes to curb inflation and the local currency’s depreciation to the U.S. dollar, Yonhap news agency said Tuesday citing the bourse operator. Consolidated revenue of 604 listed firms on the benchmark KOSPI market, which closed the books in December, advanced 21.3 percent over the year to 2,814.9 trillion won (2.14 trillion U.S. dollars) in 2022, according to the Korea Exchange. It excluded listed financial companies. The revenue increased in double digits on the back of product price hikes amid high inflation, but corporate profits retreated in double figures on higher borrowing costs and raw material price hikes boosted by the South Korean currency’s descent to the greenback. Operating profit of the listed companies decreased 14.7 percent to 159.4 trillion won (121.1 billion dollars), and net income retreated 17.3 percent to 131.5 trillion won (99.9 billion dollars).