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Top conglomerates stingy in charity

PUBLISHED : July 17, 2017 - 09:55

UPDATED : July 17, 2017 - 09:55

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[THE INVESTOR] Listed firms of the nation’s top 10 conglomerates are stingy in charity although their profits increased, industry data showed on July 17.

According to the data by market researcher Chaebul.com, listed firms of the conglomerates donated 963.2 billion won (US$847.8 million) last year, down 1.7 percent from a year earlier.

Last year, their combined operating profit rose 4 percent on-year to 44.5 trillion won, the data showed.

Listed affiliates of Samsung, Hyundai Motor, Lotte, POSCO and GS groups cut their public donations last year.

Samsung’s listed firms donated 470.3 billion won last year, down 11.7 percent on-year. Samsung Electronics, the group‘s crown jewel, cut donations by 10.7 percent to 334.5 billion won.

Donations by companies under Hyundai Motor Group also declined 6.2 percent on-year to 105.3 billion won last year.

Meanwhile, listed firms of the conglomerates increased dividend payments last year.

They spent a total of 12 trillion won in dividend payments last year, up 11.8 percent on-year, according to the data.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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