I will continue to strengthen the LOTTE brand in the global market.
Lee Chang-yup, CEO of LOTTE Wellfood, noted at the shareholder meeting held on the 25th that this is the direction for the business this year.
The CEO said, “Last year, there were many challenges due to rising costs of key materials and a prolonged economic downturn,” adding, “We aimed to further grow through challenging initiatives such as launching new brand products and expanding into the global market.”
The CEO emphasized, “I will continue to strengthen the LOTTE brand in the global market.” Specifically, the plan is to fully operate the new factory in Pune, India, which was completed in February, to expand ice cream and volume, and to prepare for local production of the Pepero brand through the Haryana factory to further expand the presence of the LOTTE brand in India. He also mentioned plans to lead the market by strengthening the “Health & Wellness” brand.
LOTTE Wellfood held its 8th regular shareholders' meeting at the auditorium on the 7th floor of its headquarters in Yangpyeong-dong, Seoul, on that day. At this shareholders' meeting, items such as the approval of the balance sheet, income statement and statement of retained earnings, and election of directors were approved as proposed.
LOTTE Wellfood reported a revenue of 4.443 trillion won, an operating profit of 157.1 billion won, and a net income of 82 billion won on a consolidated basis last year. In the director election, outside directors Kim Do-sik and Son Eon-gyeong were newly appointed. The capital reduction for the cancellation of treasury shares was also approved. Accordingly, 130,000 shares will be canceled to enhance shareholder value.