Nongshim's Q1 Operating Profit Down 8.7%... "Consumer Slump and Cost Burden"

Sales Reach 893 Billion Won, Up 2.3%
Ramen Sales at 753.9 Billion Won, Accounting for 84% of Total

Nongshim announced on May 15 that its consolidated operating profit for the first quarter of this year was 56.1 billion won, representing an 8.7% decrease compared to the same period last year.

During the same period, sales increased by 2.3% to 893 billion won, but net profit decreased by 1.8% to 52.2 billion won.

By product category, ramen (including Shin Ramyun, Ansungtangmyun, and Chapagetti) accounted for 753.9 billion won, making up 84.4% of total sales. This was followed by snacks (such as Saewookkang, Potato Chips, Onion Rings, and Banana Kick) at 117.5 billion won (13.2%), and beverages (including Baeksansu) at 24 billion won (2.7%).

A Nongshim official explained, "Sales grew compared to last year thanks to strong performance in the domestic noodle business and overseas operations. However, operating profit declined due to increased promotional expenses and higher cost of goods sold resulting from sluggish consumer demand."