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Major KOSPI-listed companies forecast to see operating profits rise in Q3 Updated: 2020-10-23 10:56:14 KST

Major KOSPI-listed companies are forecast to see an increase in operating profit in the third quarter of this year, despite the COVID-19 pandemic.
According to financial information provider FnGuide, the combined third quarter operating profit of 173 KOSPI-listed companies was expected to reach some 33 billion U.S. dollars as of Wednesday.
This is more than 24 percent higher than last year's third-quarter operating profit.
Some companies have already announced better-than-expected third-quarter earnings.
Samsung Electronics' estimated third quarter operating profit jumped more than 58 percent from the same period last year, totaling some 10.8 billion dollars.
LG Chem saw its operating profit for the third quarter reach about 795 million dollars an increase of almost 1-hundred-60 percent from the same period last year.
And LG Display also said on Thursday that it logged an operating profit of 145 million dollars in the third quarter, shifting back into the black for the first time since the fourth quarter of 2018.
Overall, companies in the IT, gaming and securities industries had a bright forecast with growth in operating profits.
One analyst explained that these types of companies with high market capitalization are recovering, leading to a rise in estimated operating profits of KOSPI-listed companies overall.

"Since March and April, major economies have resumed economic activities. And economic measures to overcome COVID-19, such as large-scale stimulus policies and quantitative easing have helped major companies recover. Costs have also been reduced, contributing to the rise in operating profit."

But the analyst stressed that the strong operating profit forecast does not mean all companies are on the road to recovery.
Those in the aviation and tourism industries are still suffering from a massive slump after they were particularly badly hit by the pandemic.
Kim Jae-hee, Arirang News.
Reporter : jhee@arirang.com
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