Shinsegae Q2 Net Profit Declines by 4.3 Percent to 78.7 Billion Won

Yonhap News

On Wednesday, Shinsegae Inc. announced that its net income for the second quarter was 78.7 billion won (US$59.7 million), a decrease of 4.3 percent from the same period last year.

The company’s operating profit for the April-June period was 149.6 billion won, a drop of 20.2 percent from a year ago, and revenue decreased by 16 percent to 1.57 trillion won.

The results exceeded market expectations. According to a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency, analysts predicted a net profit of 74.7 billion won.

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