(MENAFN) Central bank data showed that revenues among South Korea's big firms posted the largest quarterly decline in 12 year due to sluggish exports and cheaper oil, Xinhua reported.
Average sales dropped 4.7 percent in the first quarter from a year earlier. It was based the bank's sample survey of 3,065 firms among some 16,000 big companies subject to external audit.
The first-quarter figure was the fastest decline in about 12 years since the third quarter of 2003 when the revenue tumbled 6.3 percent due to the negative effect from the country's credit card crisis.
Cheaper crude oil dragged down prices of oil and petrochemical products, leading to a fall in revenue for related exporters. Shipments of smartphones and autos reduced during the quarter due to weak global demand.
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