Hite Jinro announced in a disclosure on May 15 that its consolidated operating profit for the first quarter of this year was provisionally tallied at 62.7 billion KRW, a 29.7% increase compared to the same period last year. During the same period, sales revenue decreased by 1.3% to 612.8 billion KRW, but net profit rose by 45.2% to 38 billion KRW.
By business division, sales in the soju segment increased by 4.0% to 389.7 billion KRW from 374.8 billion KRW in the same period last year, while sales in the beer segment decreased by 9.8% to 173.9 billion KRW from 192.7 billion KRW in the previous year.
A Hite Jinro representative stated, "Despite the economic downturn and weakened consumer spending, operating profit increased through ongoing cost efficiency measures."
Meanwhile, Hite Jinro will raise the shipment prices of its beer products by an average of 2.7% starting May 28, citing reasons such as rising prices of key raw materials. This price increase comes one year and six months after the last adjustment in November 2023.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
