Samsung C&T Fashion Division Operating Profit Drops 90%
[Asia Economy Reporter Yujin Cho] Samsung C&T Fashion Division announced on the 21st that its operating profit on a consolidated basis for the second quarter of this year was tentatively estimated at 1 billion KRW, a 90% decrease compared to the same period last year. During the same period, sales amounted to 377 billion KRW, down 9.4%.
A Samsung C&T Fashion Division official explained the decline in operating profit as "the impact of domestic consumption contraction due to the novel coronavirus disease (COVID-19)."
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Due to the impact of COVID-19, the division recorded a loss in the 30 billion KRW range in the first quarter, but thanks to the easing of social distancing and the use of disaster relief funds, it turned to a profit compared to the previous quarter.
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