HiteJinro Reports KRW 64.9 Billion Q2 Operating Profit, Up 0.7% Year-on-Year

Sales Down 4.3% Due to Alcoholic Beverage Market Contraction
Recovered Through Cost Efficiency and Sound Management

HiteJinro successfully defended its profitability in the second quarter of this year by focusing on sound management, despite a contraction in the alcoholic beverage market.

HiteJinro announced in a regulatory filing on the 13th that its consolidated operating profit for the second quarter was provisionally tallied at 64.9 billion won, a 0.7% increase compared to the same period last year. Sales during the same period were 618.6 billion won, a 4.3% decrease, but profits saw a slight increase.

According to HiteJinro, "Although overall consumption in the alcoholic beverage market has contracted, we were able to deliver robust second-quarter results by focusing on internal management and cost efficiency."

In detail, sales from the soju business increased by 0.1%, from 382.4 billion won in the second quarter of last year to 382.7 billion won in the second quarter of this year, while operating profit in the segment rose by 18.4%, from 49.1 billion won to 58.2 billion won. In contrast, sales from the beer segment declined by 15.3%, from 208.1 billion won to 176.3 billion won, and operating profit also fell by 29.2%, from 11.7 billion won to 8.3 billion won.

A representative from HiteJinro stated, "Despite market sluggishness, soju maintained its solid market leadership, resulting in increased sales and operating profit. Beer, on the other hand, was affected by both a contraction in market consumption and decreased sales, leading to lower profits. However, we expect performance to improve in the third quarter through product diversification, including Terra Zero."

This content was produced with the assistance of AI translation services.