Nongshim Q1 Operating Profit 61.4 Billion Won...Setback Due to Cost Burden Despite K-Ramen Popularity

3.7% Decrease Compared to Previous Year
Sales Increased by 1.4% to 872.5 Billion KRW
"Increased Cost of Sales and Expenses Lead to Operating Profit Decline"

Despite the global popularity of K-Ramen, Nongshim's operating profit slightly decreased in the first quarter of this year.

Nongshim announced on the 16th that its consolidated operating profit for the first quarter was tentatively estimated at 61.4 billion KRW, down 3.7% compared to the same period last year.

Sales amounted to 872.5 billion KRW, marking only a 1.4% increase during the same period. Net profit for the period decreased by 1.8% to 53.1 billion KRW.

A Nongshim official stated, "Sales increased thanks to growth in domestic and export markets, but operating profit declined due to rising costs of sales and expenses."

Meanwhile, in the first quarter of last year, with the operation of the second factory in the United States increasing product supply, sales rose 16.9% year-on-year to 860.4 billion KRW, and operating profit surged 85.8% to 63.8 billion KRW.