Could Not Avoid Cost Burden... Ottogi’s Operating Profit Remains Flat Despite Q2 Sales Growth
Consolidated Operating Profit at KRW 45.3 Billion, Up 0.3% Year-on-Year
First-Half Cumulative Sales at KRW 1.899 Trillion, Rising 4.2%
Domestic Ready-to-Eat Rice and Cup Noodle Sales Grow, Exports Also Increase
Ottogi achieved sales growth in the second quarter of this year by increasing its overseas revenue share, but profit remained flat due to the burden of high exchange rates and rising raw material prices.
On August 14, Ottogi announced that, on a consolidated basis, its operating profit for the second quarter reached KRW 45.3 billion, up 0.3% year-on-year. During the same period, sales rose 4.6% to KRW 943.8 billion.
For the first half of the year, Ottogi’s cumulative consolidated sales amounted to KRW 1.899 trillion, with operating profit reaching KRW 104.6 billion. These figures represent increases of 4.2% and 2.0%, respectively, compared to the previous year. According to Ottogi, first-half sales grew as domestic sales were driven by ready-to-eat rice and cup noodle products, and overseas exports also increased.
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In the first half, Ottogi’s overseas sales reached KRW 220.5 billion, a 12.3% rise compared to the same period last year. During this period, the overseas sales ratio increased by 0.8 percentage points to 11.6%.
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