Seoul: Shinsegae Inc. has announced a substantial decrease in its second-quarter net profit, reporting an 85.7 percent decline to 8.3 billion won (US$6 million) compared to the same period last year.
According to Yonhap News Agency, the company detailed in a regulatory filing that its operating income for the April to June period fell by 35.9 percent to 75.3 billion won. Despite this downturn in profit and operating income, Shinsegae recorded a 5.6 percent increase in sales, reaching 1.69 trillion won.
The reported earnings were notably lower than market expectations. Analysts had anticipated a net profit of approximately 19.9 billion won, as per a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.