The combined pre-tax net profit of 13,825 local businesses, which exclude those in the finance and insurance sector, came to 197.34 trillion won (152.1 billion U.S. dollars) in 2022, down 24.99 trillion won (19.3 billion dollars), or 11.2 percent, from a year earlier, according to Statistics Korea.
The businesses refer to those with at least 50 regular employees and over 300 million won (231,200 dollars) in paid-in capital.
The double-digit reduction came as geopolitical risks in Europe raised commodity prices amid the higher borrowing costs.
Pre-tax net profit in the manufacturing industry tumbled 22.06 trillion won (17 billion dollars) in 2022 compared to the prior year, while those in the construction and the information and communication sectors retreated 1.93 trillion won (1.5 billion dollars) and 12.54 trillion won (9.7 billion dollars) each.
The combined revenue of the businesses expanded 17.4 percent to 3,238 trillion won (2.5 trillion dollars) last year.
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