SEOUL, May 3 (Yonhap) — The second-quarter earnings forecast for listed firms was further slashed as the fallout from the new coronavirus began to impact their performance, data showed on Sunday.
According to the data compiled by market tracker FnGuide, combined operating income of 138 listed firms surveyed by brokerage firms stood at 19.97 trillion won (US$16.3 billion) for the April-June period, down 26.7 percent and 19.1 percent, respectively, from three months and one month ago.
Their sales and net profit were estimated at 318.9 trillion won and 14.55 trillion won for the second quarter, down 8.44 percent and 17.5 percent, respectively, from a month ago, the data showed.
Hit by weak demand and production disruption around the globe amid COVID-19 outbreak, companies are suffering a sharp decline in sales and profit.’
The country’s exports plunged 24.3 percent in April from a year earlier, due to the new coronavirus pandemic and falling oil prices, and suffered the first monthly trade deficit since 2012.
Outbound shipments came to $36.9 billion last month, compared with $48.7 billion posted a year earlier, according to the Ministry of Trade, Industry and Energy.
The country suffered a trade deficit of $950 million in April, snapping its 98 straight months of having more exports than imports.
The COVID-19 pandemic has clobbered the global supply chain, with lockdowns and social-distancing drives hindering business activities around the world.
The falling price of oil has also weighed down exports of petrochemical products, some of the country’s key export items.