said on March 13 it posted solid profitability last year due to growing demand abroad despite falling domestic consumption.
The company said its sales rose to 2.96 trillion won (US$2.57 billion) in 2016, up from 2.82 trillion won in the previous year.
The tobacco monopoly’s operating profit was 1.3 trillion last year compared to 1.23 trillion won in 2015. The operating profit ratio rose to 44 percent last year, from 43.8 percent a year earlier.
KT&G attributed the strong sales and profitability to growing overseas demand. Exports rose to 830.9 billion won last year, up from 681 billion won in 2015 and 533.1 billion won in 2014.
Domestic sales, however, declined to 1.83 trillion won last year from 1.92 trillion won in 2015 and 1.96 trillion won in 2014. In 2015, KT&G’s sales abroad surpassed domestic sales for the first time.
By Alex Lee and newswires (email@example.com