Lotte Confectionery Has Reported a Slide in First-Half Profits After a Weak Second Quarter

Lotte Confectionery has reported a slide in first-half profits after a weak second quarter.

For the six months to the end of June, the South Korea-based confectionery maker reported net profit down by 14% on the same period of last year, to KRW59.9bn (US$52.8m). Operating profit also fell, by 22.4% to KRW71.5bn, the firm said today (24 August).

However, the group saw net sales increase by 2.5% to KRW756.9bn. The privately-held group released no commentary on the numbers.

In the second quarter, net profit plunged by 40% to KRW26bn, while operating profit sank by 34% to KRW38.6bn. Net sales crept up by 0.1% to KRW394.6bn.