Seoul: Shinsegae Inc. on Tuesday reported its first-quarter net profit of 77.1 billion won (US$54.5 million), marking a decline of 40.5 percent from the same period last year. The company's financial results for the January-March period were disclosed in a regulatory filing.
According to Yonhap News Agency, Shinsegae's operating profit for the first quarter reached 132.3 billion won, reflecting a decrease of 18.8 percent compared to the previous year. Despite the downturn in profits, the company's revenue experienced a growth of 3.8 percent, reaching 1.66 trillion won.
The financial results highlight the challenges faced by Shinsegae Inc. in maintaining its profit margins amidst varying market conditions. The company will likely focus on strategies to bolster its profitability in the upcoming quarters.