First quarter profits at major firms in South Korea have taken a massive hit. According to the Korea Exchange and the Korea Listed Companies Association, first quarter net profit for 592 companies listed on the country's benchmark KOSPI came to a total of about 9 billion U.S. dollars,... down roughly 48 percent on-year. Operating profit was also down by around 31 percent. The damage was especially severe for companies in parts of the service sector that require face-to-face interaction. Their net profit was down about 76 percent.
