The average growth rate of sales of non-financial listed companies has been decreasing for the past couple of years.<br />And last year, it actually turned negative… with many manufacturers seeing their sales and profits slump.<br />Song Ji-sun has more. Korean manufacturers entered a phase of negative growth last year.<br />According to the Federation of Korean Industries on Monday... sales of over one thousand listed companies decreased one-point-five percent as of the third quarter of last year... compared to the same period a year earlier. <br />Profit growth also slowed to negative 18 percent last year... from a one percent growth in 2013.<br />The trend was more noticeable among manufacturers -- which account for more than 70 percent of the firms surveyed.<br />Their combined profit dropped from 75 to 62 billion dollars -- a 23-percent fall from a nine percent expansion in 2013.<br />Seven out of Korea's ten largest companies in terms of revenue... saw their profits drop 30-percent on average... on slumping domestic demand coupled with slowing exports due to weakened global demand.<br />And that includes Korea's largest companies and conglomerates, like Samsung Electronics, Hyundai Motor Group, SK and Hanwha.<br />Officials at the Federation of Korean Industries say manufacturers need government support for more business-friendly policies.<br />They say such a slowdown could dent the pace of new job creation and facilities investment.<br />Industry analysts point out that companies first need to restructure and cut costs to improve their profitability.<br />Song Ji-sun, Arirang News.
