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Finance

Small business credit scores to factor in sales, trading areas; 16 banks to apply 2.2 trillion won

A new credit scoring system for small business loan screening will start operating from late August, evaluating future growth potential using data such as sales, local trading areas, employment and online activity in addition to the owner’s past financial history. The scope will expand from 7 banks and 1.8 trillion won to 16 banks and 2.2 trillion won. Authorities also plan to use the model for a dedicated loan product and future guarantee reviews.

Industry

LG Innotek Q2 operating profit jumps 2,057 percent

LG Innotek said on July 27 it posted second-quarter revenue of 55.27 trillion won and operating profit of 245.8 billion won. Revenue rose 40.5 percent and operating profit climbed 2,057 percent from a year earlier. Revenue was a record for a second quarter, and first-half revenue topped 100 trillion won for the first time. The company cited steady demand for mobile camera modules and strong supply of high value-added semiconductor substrates.

Industry

SKC Q2 operating loss of 14.4 billion won narrows 79 percent year-on-year

SKC posted second-quarter sales of 645.4 billion won and an operating loss of 14.4 billion won, it said on Sunday. Sales rose 38.3 percent from a year earlier and the operating loss narrowed 79.0 percent. EBITDA was 29.1 billion won, about triple the previous quarter, remaining positive for a second quarter. The company completed a 1.16 trillion won rights issue and said net debt and leverage fell sharply.