HiteJinro said weaker alcohol consumption pushed down both revenue and operating profit last year.
According to a filing on the electronic disclosure system on Tuesday, the company’s consolidated operating profit fell 17.3% from a year earlier to 172.1 billion won, down from 208.1 billion won. Revenue slipped 3.9% to 2.4986 trillion won from 2.5992 trillion won. Net profit dropped 57.3% to 408.5 billion won from 957.4 billion won.
HiteJinro said the overall alcohol market shrank and its top line continued to decline, leading to a sharp fall in operating profit. It said the revenue decline was relatively limited despite the broader market downturn.
A company official said, “Despite the overall contraction in alcohol consumption, we minimized the decline in revenue,” adding that it plans to pursue market-boosting efforts this year and step up its push into overseas markets.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.