Shinsegae Food Reports Operating Profit of 8.5 Billion KRW in Q2, Up 1.9% YoY

[Asia Economy Reporter Eunmo Koo] Shinsegae Food announced on the 3rd that its consolidated operating profit for the second quarter of this year was tentatively estimated at 8.544 billion KRW, a 1.9% increase compared to the same period last year. During the same period, sales increased by 6.6% to 353.726 billion KRW, and net profit also rose by 23.5% to 7.193 billion KRW.

A Shinsegae Food official stated, "The smaller increase in operating profit compared to sales is due to the sharp rise in raw material and labor costs," adding, "Currently, oil prices are on a downward trend, and since the government has applied a 0% tariff quota on some imported foods, we expect raw material costs to decrease in the second half of the year, leading to improved performance."