Maeil Dairies announced on the 14th that its consolidated operating profit for the second quarter was 12.4 billion won, a decrease of 32.4% compared to the same period last year. Revenue was recorded at 458 billion won, an increase of 2.9% from the same period last year.
For the first half of the year, revenue was 916.8 billion won, an increase of 3.1% compared to the same period last year. Operating profit was 25.4 billion won, a decrease of 33% during the same period.
Maeil Dairies noted, "Despite the overall decline in domestic market demand in the first half of this year, revenue slightly increased compared to the same period last year due to product portfolio adjustments and increased sales of fermented dairy products, grain beverages, and powdered formula." It explained, "Operating profit deteriorated due to surplus raw milk, and the rise in costs due to increased prices of international raw materials and exchange rates, as well as rising expenses such as labor costs, had an impact."
It added, "We plan to improve profitability in the second half through continued cultivation of high-value-added products like grain beverages, fermented dairy products, and powdered formula, along with cost reduction."