HiteJinro Reports Operating Profit of 50.6 Billion KRW in H1, Down 58% YoY
2Q Operating Profit 11.9 Billion KRW... 80.9% Decrease
HiteJinro announced on the 11th through a disclosure that its consolidated operating profit for the first half of this year was tentatively estimated at 50.61315 billion KRW, a 58.0% decrease compared to the same period last year. During the same period, sales increased by 1.1% to 1.245 trillion KRW, while net profit dropped by 76.1% to 18.35589 billion KRW.
The second quarter performance was sluggish. Operating profit for the second quarter was 11.91813 billion KRW, down 80.9% year-on-year, and net loss was 3.61762 billion KRW, marking a turnaround to a deficit. Sales increased by 1.0% to 641.5 billion KRW.
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HiteJinro explained, “As domestic consumption continues to stagnate due to rising prices, the overall performance of the food and beverage industry is poor due to the increase in raw material costs. Additionally, the rise in costs such as ethanol, bottles, and caps, as well as intensified competition in the liquor market, impacted operating profit.” However, they added, “The feared cannibalization has not occurred, and with the strong market dominance of new product Kelly as well as the Terra and Chamisul brands, we expect sales to increase in the second half of the year.”
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