Arab Today, arab today firms\ q3 net falls on brokerage losses
Last Updated : GMT 18:35:19
Arab Today, arab today
Arab Today, arab today

Firms\' Q3 net falls on brokerage losses

Arab Today, arab today

Arab Today, arab today Firms\' Q3 net falls on brokerage losses

Seoul - YONHAP

South Korean listed companies that close books on March 31 saw their net income fall 12.5 percent in the first nine months of fiscal 2012 from a year earlier due to losses by brokerage houses, data showed Tuesday. Net profit of the 43 firms came to 3.2 trillion won (US$2.9 billion) in the April-December period, compared to 3.6 trillion won tallied in the previous year, according to the data compiled by the Korea Exchange. Securities firms led the overall decline, with the combined net income of 22 local brokerage houses reaching 433.6 billion during the period, down 56.5 percent from a year earlier, the data showed. Market watchers said the decline came as the prolonged economic slowdown sparked by the eurozone fiscal crisis weighed down on investor sentiment, which reduced the trading volume on the stock market.  In contrast, the country\'s 12 insurance companies saw their net profit edge up 3.9 percent to 2.7 trillion won over the cited period thanks to life insurers\' strong sales. Nine manufacturers also saw their net profit advance 8.2 percent on-year to reach 30.6 billion won in the April-December period, the data added.

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