Seoul: GS Retail Co. on Friday announced a significant decline in its second-quarter net profit, reporting a figure of 14.2 billion won (US$10.3 million), which marks a 77.7 percent decrease compared to the same period last year.
According to Yonhap News Agency, despite the sharp drop in net profit, GS Retail's operating profit for the April-June period showed a slight increase of 1.7 percent from the previous year, reaching 84.5 billion won. The company's sales also grew by 1.7 percent, totaling 2.98 trillion won during the same period.
The operating profit exceeded expectations by 20.3 percent, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. However, the survey did not provide an estimate for the net profit.