HiteJinro, First Half Sales of 1.1005 Trillion KRW...1.3% Decrease YoY

HiteJinro's beer product 'Terra'. Photo by HiteJinro

[Asia Economy Reporter Moon Hyewon] HiteJinro announced on the 13th that its consolidated sales for the first half of this year amounted to 1.1005 trillion KRW, a 1.3% decrease compared to the same period last year.

Operating profit recorded 95.5 billion KRW, down 13.3% during the same period. The company explained that the burden of fixed costs due to this year's inflation was the cause.

Net profit for the period decreased by 22.6% to 52.827 billion KRW.

The beer business recorded an operating profit of 14.1 billion KRW cumulatively in the second quarter this year, following a successful market establishment of the ‘Terra’ product and a turnaround to profitability last year.

The soju business achieved a stable operating profit of 83.2 billion KRW centered on the ‘Chamisul’ and ‘Jinro’ brands.

A HiteJinro official said, “It is true that both the domestic beer and soju markets shrank in the first half of this year due to prolonged social distancing, but since the market dominance of the Terra and Jinro brands is solid, we expect sales to change depending on the trend of COVID-19 spread and adjustments in social distancing levels.”

This content was produced with the assistance of AI translation services.