Top 500 Medium Businesses Deteriorate Q3 Profitability... "Blame Domestic Recession"

Sales of listed mid-sized companies increased in the third quarter, while operating profit was lower than last year and profitability was worse.

CEO Score said the findings came after a survey of 488 companies that submitted quarterly reports among the top 500 listed mid-sized companies in the country's sales.

The total sales of the companies surveyed in the third quarter totaled KRW 57.9 trillion, up 3.5% from a year ago, but operating profit fell 6% to KRW 2.9 trillion.

On the other hand, the top 500 conglomerates' third-quarter sales and operating profit rose 4.4% and 33.9%, respectively, in a year.

CEO Score analyzed that large companies have recovered from their flagship export sectors such as semiconductors, but mid-sized companies with relatively large domestic sectors have seen their profitability deteriorate in the wake of the economic downturn and inflation.