Cheil Worldwide posted operating profit of 90.4 billion won on a consolidation basis in the fourth quarter of last year. That was up 9.7% from a year earlier.
Cheil Worldwide said in a filing on the 2nd that fourth-quarter last year sales on a consolidation basis were 1.1997 trillion won and operating profit was 90.4 billion won on a preliminary basis. Sales rose 3% from a year earlier.
Full-year sales last year were 4.5469 trillion won, up 4.7% from a year earlier. Operating profit came to 336.9 billion won.
Operating profit increased 5% from a year earlier despite higher labor costs due to investment in digital talent. Headcount rose from 7,433 at the end of last year to 7,993 at the end of this year. Of these, overseas staff numbered 6,454.
A Cheil Worldwide official said, "The results reflect the expansion of digital business, joint growth at home and abroad, non-affiliate development including Nongshim, and an expanded focus on retail and digital-centered business areas," adding, "Driven by growth at North American subsidiaries and in emerging markets, and by an increase in domestic non-affiliate clients, the non-affiliate ratio expanded to 29%."