April 26, 2024

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[THE INVESTOR] Korean companies’ combined sales jumped 7.9 percent in the first quarter from a year earlier, central bank data showed June 15.

The on-year sales growth rate for domestic companies turned around from a 2 percent contraction in the first quarter of last year, the Bank of Korea said in a statement.

The quarterly growth rate marked the highest since the first quarter of 2012, when it stood at 10.4 percent.

The BOK said improving oil prices and increased shipments of computer chips and displays buoyed the combined sales of local companies from January to March.

Sales of large conglomerates climbed 8.1 percent in the first quarter from a 2.9 percent contraction in the year-ago period.

The quarterly figure marked the highest since the third quarter of 2010, when it stood at 7.2 percent, the bank said.

The companies’ financial health slightly improved as their assets grew 0.8 percent in the first quarter from a quarter earlier, while their debt to equity ratio fell to 90.3 percent from 91.1 percent during the same period, it said.

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