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KT&G net profit falls 4.3% in second quarter on stronger won
By Korea HeraldPublished : July 17, 2014 - 20:44
KT&G Corp., South Korea’s largest tobacco manufacturer, said Thursday its second-quarter net profit decreased 4.3 percent from a year earlier due to stronger local currency.
Net income stood at 184.3 billion won ($179.2 million) in the April-June period, compared with 192.7 billion won a year earlier, the company said in a regulatory filing.
Sales, however, rose 8.5 percent to 992.3 billion won in the cited period, and operating profit surged 15.1 percent to 286.3 billion won. The numbers reflect performance results by KT&G and its subsidiaries, including Korea Ginseng Corp.
The company said the net profit slipped mostly due to the stronger won that cut its earnings from overseas sales.
“Sales rose as KT&G released new products to catch up with the latest trend in the market, but the stronger won added direct material costs,” KT&G marketing director Park Jung-hoon said in a press briefing. (Yonhap)
Net income stood at 184.3 billion won ($179.2 million) in the April-June period, compared with 192.7 billion won a year earlier, the company said in a regulatory filing.
Sales, however, rose 8.5 percent to 992.3 billion won in the cited period, and operating profit surged 15.1 percent to 286.3 billion won. The numbers reflect performance results by KT&G and its subsidiaries, including Korea Ginseng Corp.
The company said the net profit slipped mostly due to the stronger won that cut its earnings from overseas sales.
“Sales rose as KT&G released new products to catch up with the latest trend in the market, but the stronger won added direct material costs,” KT&G marketing director Park Jung-hoon said in a press briefing. (Yonhap)
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Articles by Korea Herald
