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


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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