Medium-sized businesses’ Q2 earnings up 7 pct on chips, electronics

The combined earnings of South Korea's top 500 medium-sized businesses jumped 7 percent on-year in the second quarter of 2024, data showed Sunday, driven by robust performances in the chip and auto parts sectors. The total operating profit of 492 companies among the country's top 500 medium-sized firms that filed earnings as of last week reached 3.42 trillion won (US$2.52 billion), with their sales rising 4.2 percent to 59.6 trillion won, according to industry tracker CEO Score. By sector, companies in the electronics segment saw their operating profits more than double over the period, buoyed by strong semiconductor exports. The operating profits of automobile and auto parts businesses increased 18.9 percent during the same period, with other winners including the petrochemical and construction material industries, which advanced 18.2 percent and 11.6 percent, respectively. Medical instrument companies also returned to profits in the second quarter, amid a resurgence of COVID-19 infections worldwide, th e industry tracker added. The service sector, which includes entertainment firms, however, saw its combined operating profit dip by 36.9 percent due to the sluggish performance of major labels, including YG Entertainment Inc. and JYP Entertainment Corp. Source: Yonhap News Agency