Korean food conglomerate CJ Group’s nine listed companies lost their value by 20 percent in terms of market capitalization over the past 10 months amid sluggish private consumption and lengthy slowdown.

According to FnGuide data on Friday, The combined market cap of the companies stood at 20.52 trillion won ($17.94 billion) at the end of October.

CJ Group was the worst performer in stock price among Korea’s 15 largest conglomerates. In the same period, Hyundai Heavy Industries Group performed best with a stock price rise of 53.6 percent, followed by Posco (38.52 percent), Doosan (22.12 percent) and SK (12.48 percent).

All of CJ’s nine listed affiliates except CJ Korea Express experienced a shrink in market cap. Stock prices of the companies continued a losing streak since the beginning of this year: CJ Fresh Way (-53.07 percent), CJ CGV (-47.14 percent), CJ Hello Vision (-36.52 percent), CJ (-32.67 percent), CJ O Shopping (-17.89 percent), CJ E&M(-16.87 percent).

Poor domestic consumption dealt a harsh blow to CJ Group dedicated to food and beverage, retail and entertainment business. CJ Hello Vision’s third-quarter operating profit reached 23.8 billion won, failing to meet market expectations of 26.5 billion won. CJ CGV and CJ E&M that are due to announce their quarterly earnings next week would not post remarkable results due to poor performance of major movies. CJ’s operating profit is expected to get short of the market consensus of 396.7 billion won.

CJ CGV and other entertainment affiliates had to experience additional stock market correction amid concerns of backlash from China following Seoul decision to deploy U.S. antimissile system.

A failed deal to sell CJ Hello Vision and the long-term vacant position of the group’s chairman also added a burden on the stock price of CJ Group companies.

By Yoon Jin-ho and Park Yun-gu

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]