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South Korea’s listed companies that close their books in March saw their combined earnings nearly double in 2009 thanks to a solid economic recovery, the bourse operator said Wednesday.
The combined net profit of 35 financial firms and 15 manufacturers came to 4.95 trillion won (US$4.1 billion) in fiscal 2009, which ended at the end of March this year, up 95 per cent from the previous year, the Korea Exchange (KRX) said in a report.
The strong earnings growth was mainly driven by securities houses and insurance companies, which basked in the rebounding stock markets at home and abroad, as well as the solid economic recovery, the KRX said.
The companies’ combined sales also grew 6.2 per cent on-year to 114.8 trillion won in fiscal 2009, the report showed.
The South Korean economy expanded 8.1 per cent on-year in the first three months of this year as exports and domestic demand posted strong recoveries.
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