Binggrae Reports Q1 Operating Profit of 13.5 Billion KRW, Down 36.2% Year-on-Year

Sales Reach 308.52 Billion KRW,
Net Profit Records 11.6 Billion KRW

Binggrae CI. Binggrae

Binggrae announced on May 15 that its operating profit for the first quarter of this year was 13.45 billion KRW, a decrease of 36.2% compared to the same period last year.

During the same period, sales increased by 2.6% to 308.52 billion KRW, while net profit for the period declined by 36.8% to 11.6 billion KRW.

Binggrae explained, "Despite uncertain conditions both domestically and internationally, sales rose slightly." The company stated that operating profit decreased due to increased cost burdens from rising prices of raw materials, as well as higher selling and administrative expenses, including labor costs resulting from the application of ordinary wages.