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The Korea Herald

Industrials

November 04, 2019
Listed firms forecast to log better earnings in 2020

Major South Korean listed firms are expected to see their profitability turn for the better in 2020 on a rebound in global chip demand and low material costs, a market tracker said Nov. 4. The combined operating profit of 279 listed companies is forecast to reach 165.8 trillion won ($142 billio...
November 03, 2019
Budget airlines upgrade in-flight services, diversify routes

Amid fierce competition, South Korean low-cost carriers are seeking to attract more passengers by upgrading their in-flight services and diversifying routes. They had previously focused on no-frills cheap flights without meals and entertainment. But in early October, Air Seoul -- under the countr...
November 03, 2019
KT to build high-tech rescue center in Himalayas

South Korean mobile carrier KT is planning to establish a high-tech rescue center on a popular trekking course in the Himalayas to ensure the safety of those trekking the mountainous region in Nepal. According to the Nepal government and KT last week, the telecom firm’s information and communicat...
October 31, 2019
SK Innovation’s net profit plunges 62% in Q3

SK Innovation said Oct. 31 its third-quarter net profit tumbled 62 percent from a year earlier on inventory losses. Net profit stood at 174.2 billion won ($149 million) on a consolidated basis in the July-September period, compared with 459.4 billion won a year earlier, the company said in a re...
October 30, 2019
Lotte Chemical to sell its British unit to DAK Americas

Lotte Chemical said Oct. 30 it has decided to sell its British PET production unit in a move to restructure its business portfolio. The UK unit will be sold to DAK Americas, a subsidiary of Mexican chemical giant Alpek, following a share purchase agreement. The value of the deal wasn’t disclos...
October 29, 2019
Hyundai Steel’s net loss widens in Q3

Hyundai Steel said Oct. 29 its net loss widened in the third quarter from a year earlier due to higher raw material costs. Its net loss for the July-September quarter deepened to 65.8 billion won ($56 million) from 38.1 billion won a year earlier, the company said in a statement. The affili...
October 28, 2019
China’s merger of two shipbuilders sends positive signal to HHI's acquisition

Following China’s approval for the merger of two shipping giants over the weekend, industry watchers said on Oct. 28 it has increased the odds for Hyundai Heavy Industries’ acquisition plan. China’s state-owned Assets Supervision and Administration Commission gave its green light on Oct. 25 to ...
October 28, 2019
STX Corp. signs coal trading deal with Russia’s Mechel

STX Corp., a South Korean general trading firm, said Oct. 28 it has signed a deal with Russian mining giant Mechel PAO to import coal and coke produced in the Kuzbass mines in Kemerovo, Russia. Under the deal, STX Corp. will import 1.2 million tons of coal and coke a year. The Kuzbass region ac...
October 28, 2019
S. Korea approves 7th low-cost carrier

South Korea’s Transport Ministry said Oct. 28 it will permit Fly Gangwon, the country’s seventh low-cost carrier, to begin operations next month, a move that could further heat up competition. An air operator certificate will allow the carrier to offer two flights a day on the Yangyang-Jeju r...
October 23, 2019
S-Oil’s net profit plunges 78% in Q3

S-Oil said Oct. 23 its third-quarter net profit plunged 77.6 percent from a year earlier on inventory losses and a weak Korean won. Net profit for the three months ending Sept. 30 came to 51.6 billion won ($43 million), compared with a net profit of 229.8 billion won a year earlier, the company...
October 18, 2019
Eastar Jet denies sale rumor

South Korea’s low-cost carrier Eastar Jet on Oct. 18 denied a recent news report the company is up for sale. A local news outlet reported that Eastar Holding decided to sell its 39.6 percent stake in Eastar Jet for around 96 billion won (81.37 million). It also added that the holding firm has al...
October 15, 2019
SK Global Chemical to acquire Arkema’s functional polyolefins biz

SK Global Chemical said Oct.15 it will acquire French chemical firm Arkema’s functional polyolefins business for 335 million euros ($369 million) in the latest move to boost its packaging business. The company said the acquisition is expected to be finalized by the second quarter of 2020. The ...
October 13, 2019
Hanwha showcases defense technologies at US’ largest land power expo

Hanwha Group’s defense units will showcase their latest technologies at North America’s largest land-power exposition in Washington this week, the company said Sunday. Hanwha Corp., Hanwha Defense and Hanwha Systems will share a booth at the 2019 Annual Meeting and Exposition of the Association...
October 11, 2019
Finnair to start training pilots for new Busan-Helsinki route

Finnair will start training pilots for its new Busan-Helsinki route, which is set to operate from March next year, according to industry sources on Oct. 11. From next month, training will begin with a simulation program, which takes around three to four hours per run, according to sources. Finlan...
October 03, 2019
Restaurants in Seoul face hurdles amid economic slump

Nearly half of the restaurants that newly opened in 2013 had gone out of business by September this year, data showed Oct. 3. Around 15,000 of the 31,000 restaurants, cafes and bars that launched six years ago in the capital city had closed their doors as of last month, according to the data co...

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