Seoul: Lotte Wellfood Co. has reported a significant decline in its second-quarter net profit, which fell by 61.5 percent to 15.7 billion won (US$11.3 million) compared to the same period last year.
According to Yonhap News Agency, the company's operating income for the April-June period was 34.3 billion won, marking a 45.8 percent decrease from the previous year. Despite the decline in profits, sales saw a slight increase of 1.9 percent, reaching 1.06 trillion won.
The operating profit was notably 24.7 percent below the average estimate based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. However, an estimate for the net profit was not provided.