Dongwon Industrial, the business holding company of Dongwon Group, announced that its consolidated operating profit for the third quarter was tentatively recorded at 174.4 billion KRW, a 12.9% increase compared to the same period last year.
Dongwon Industrial disclosed this information on the 4th. The company explained that the demand for home-cooked meals increased, leading to improved performance of its food business affiliate, Dongwon F&B. Dongwon F&B reported third-quarter consolidated sales of 1.2203 trillion KRW and operating profit of 66.9 billion KRW, up 1.1% and 6.1% respectively from the same period last year. Dongwon F&B showed stable growth in products such as tuna extract, Chuseok gift sets, and home meal replacements (HMR), and its subsidiary Dongwon Home Food contributed to performance improvement by achieving double-digit growth in group catering and food ingredient supply businesses, according to Dongwon Industrial.
Dongwon Systems, an affiliate in the materials sector, also saw improved performance in key packaging materials such as bottles and cans, with third-quarter sales increasing by 10.6% to 348.5 billion KRW. Operating profit rose 20.7% to 28.2 billion KRW.
On a separate basis, Dongwon Industrial’s third-quarter sales were 236.6 billion KRW, down 6.3% from the same period last year. However, operating profit increased significantly by 145.9% to 23.6 billion KRW. Dongwon Industrial explained, "Although production volume increased due to favorable catches, overall sales decreased due to a drop in fish prices," adding, "Operating profit greatly improved due to a profitability-focused sales strategy in the distribution business segment."
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