Emart Reports Annual Operating Profit of 47.1 Billion KRW... Returns to Profitability

Reflecting Retirement Allowance Liabilities Related to the Ordinary Wage Ruling

Emart announced on the 11th that its consolidated operating profit for last year was 47.1 billion KRW, turning to a profit compared to the operating loss of 46.9 billion KRW in the previous year. Sales during the same period amounted to 29.0209 trillion KRW, a 1.5% decrease compared to the previous year.

The annual operating profit figure includes a large accounting expense (213.2 billion KRW) due to the ruling on ordinary wages. Excluding the retirement allowance liabilities and voluntary retirement compensation recognized in accounting, Emart's operating profit for last year is estimated at 260.3 billion KRW, an increase of 307.2 billion KRW compared to the previous year.

The operating loss in the fourth quarter of last year was 77.1 billion KRW, narrowing the deficit compared to 85.5 billion KRW in the same period of the previous year. Sales for this quarter decreased by 1.4% to 7.2497 trillion KRW.