Sales by South Korean companies sharply declined by a record margin in the second quarter as business activity slowed down amid the COVID-19 pandemic.

According to the latest data by the Bank of Korea(BOK) on Tuesday, sales of local businesses fell ten-point-one percent in the April to June period on-year, accelerating from a one-point-nine-percent drop in the first quarter.

The latest reading is the steepest on-year decline since the first quarter of 2015, when the BOK began compiling related data.

Manufacturers saw their sales plunge 12-point-seven percent on-year in the second quarter, a record on-year decline, as they suffered setbacks amid low oil prices and reduced demand for cars.

Corporate profitability also worsened during the same period, with the average ratio of operating profit to sales coming to five-point-three percent, lower than five-point-five percent a year earlier.