Seoul: Shinsegae Inc. on Wednesday reported its fourth-quarter net loss of 48.1 billion won (US$33.2 million), shifting from a profit of 42.9 billion won a year earlier. This marks a significant financial downturn for the company in the final quarter of the year.
According to Yonhap News Agency, operating income for the October-December period was 106.1 billion won, representing a decrease of 48.5 percent from the same period last year. Despite the decline in operating income, sales experienced a growth of 5.9 percent, reaching 1.82 trillion won. This increase in sales, however, was not sufficient to offset the losses reported by the company.