Seoul: Lotte Chilsung Beverage Co. has announced a significant rise in its net income for the second quarter, reporting a profit of 27.7 billion won (US$20 million), marking an increase of 31.6 percent compared to the same period last year.
According to Yonhap News Agency, the company's recent regulatory filing revealed an operating income increase of 3.5 percent year-on-year, reaching 62.4 billion won for the April-June period. Despite the rise in net income and operating income, the company experienced a 1.1 percent decline in sales, totaling 1.08 trillion won.
The reported earnings did not meet market expectations, as analysts had anticipated a higher net profit. A survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency, estimated the net profit to be around 31.5 billion won. Despite the shortfall in expectations, the company showed notable growth in its net income compared to the previous year.