"Impact of Social Distancing" HiteJinro Reports Operating Profit of 174.1 Billion KRW Last Year, Down 12.3% YoY
[Asia Economy Reporter Koo Eun-mo] HiteJinro announced on the 10th that its consolidated operating profit for last year was 174.111 billion KRW, a 12.3% decrease compared to the previous year.
During the same period, sales revenue decreased by 2.4% to 2.2029 trillion KRW, and net profit also fell by 18.2% to 70.82465 billion KRW compared to the previous year.
The decline is attributed to the spread of the COVID-19 Omicron variant from the end of last year and strengthened quarantine measures, including enhanced social distancing, which led to a decrease in sales in the entertainment market.
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A HiteJinro official explained, “Due to the strengthened social distancing measures following the resurgence of COVID-19, sales in the entertainment market declined, resulting in decreases in both sales revenue and operating profit.”
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