NAMYANG DAIRY PRODUCTS achieved a profit turnaround after 6 years.
On the 20th, NAMYANG DAIRY PRODUCTS announced that its consolidated net profit last year was 250 million won. The previous year, it recorded a loss of 66.2 billion won. During the same period, the operating loss was 9.8 billion won. Although the losses continued, considering that the operating loss the previous year was 71.5 billion won, the scale of the loss significantly decreased. Sales amounted to 952.8 billion won, a decrease of 4.4% compared with the previous year.
Many interpret that the significant reduction in operating losses and the net profit achieved were due to the change in major shareholders. At the end of January last year, the largest shareholder changed. Since forming a new board of directors, the company has focused on establishing a transparent corporate governance structure. It also concentrated on core businesses and improved inefficiencies.
CEO Kim Seung-eon of NAMYANG DAIRY PRODUCTS said, “Last year, in order to normalize management and restore trust, all employees worked together and made significant efforts across the board,” and added, “In the future, we will continue to pursue product innovation, strengthen quality management, and optimize operations with the goal of restoring consumer trust and achieving sustainable growth.”