Lax management leaves public firms in deficit
Posted : 2021-05-04 15:24
Updated : 2021-05-04 16:03
State-run rail operator KORAIL was one of the public companies that suffered a net loss in 2020. Korea Times file
By Yi Whan-woo
The country s public enterprises collectively reported a net loss last year, the first since the government began to announce their management data in 2016.
The deficit is attributed to elephantine operations, such as salary increases, among 36 state-run companies in general despite the economic fallout of the COVID-19 crisis.
According to All Public Information in One (ALIO), a government-affiliated website offering data on the government and public organizations, the 36 firms suffered a combined net loss of 600 billion won ($535.4 million) in 2020.