Hitejinro(000080) said on the 13th that its operating profit on a consolidation basis in the second quarter of this year was 64.9 billion won, up 0.7% from a year earlier. Revenue for the same period was 618.6 billion won, down 4.3%.
Hitejinro said the second-quarter results were the outcome of a focus on solid management, including efforts to improve expense efficiency, despite a broad pullback in consumption across the liquor market.
Revenue in the soju institutional sector was 382.7 billion won, up 0.1% from a year earlier, and operating profit was 58.2 billion won, up 18.4%.
In the beer institutional sector, revenue was 176.3 billion won and operating profit was 8.3 billion won, down 15.3% and 29.2%, respectively.
A Hitejinro official said, "Despite a sluggish market, soju maintained a solid lead and increased both revenue and operating profit," and added, "Beer saw profit decline under the dual impact of weaker market consumption and lower sales, but we expect third-quarter performance to improve through product diversification, including Terra Zero."