Pulmuone said on the 15th that operating profit under consolidation in the first quarter came to 19.0 billion won, up 68.9% from a year earlier. Revenue rose 7.2% from a year earlier to 850.4 billion won.
Pulmuone said, "New orders and operational efficiency gains in the domestic food service distribution business drove revenue growth, and operating profit increased sharply on improved profitability at the U.S. and China subsidiaries and a narrower loss at the Japan subsidiary."
In particular, the U.S. subsidiary remained in the black for a third straight quarter after turning to profit in the second half of last year.
The food service distribution division, backed by expanded new orders in core channels such as corporate cafeterias and military meal services and growth in airport lounges, service areas, and concession businesses, posted revenue of 254 billion won, up 10.6% from a year earlier, and operating profit of 6.1 billion won, up 28.3% from a year earlier.
The overseas food manufacturing and distribution division, which includes the United States, China, and Japan, recorded revenue of 189.8 billion won, up 13.8% from a year earlier on double-digit growth at the U.S. and China subsidiaries. The operating balance of the overseas business improved from a 5.3 billion won loss in the first quarter of last year to around break-even (BEP) this year, improving profitability.
In addition, the domestic food manufacturing and distribution division recorded revenue up 2.3% from a year earlier, and the health care manufacturing and distribution division recorded revenue up 3.2% from a year earlier.
Kim Jong-heon, head of corporate planning at Pulmuone, said, "In the domestic business, we plan to continue strengthening the foundation for stable profitability and cash generation by expanding the ambient portfolio, including ambient beverages, ambient noodles, and sauces, and by diversifying the Soy category," adding, "In the overseas business, we will sustain growth by expanding supply centered on global retail and membership distribution channels and by strengthening the K-food portfolio, and we will pursue global market expansion while maintaining profitability improvements and a profit-making trend based on North American cold chain competitiveness and local supply capabilities."