April 26, 2024

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[THE INVESTOR] Lotte Shopping, the retail unit of Korea’s fifth-largest conglomerate Lotte, said on Oct. 26 it swung to the red in the third quarter from a year earlier.

It suffered a loss of 533 billion won (US$473 million) on a consolidated basis in the July-September period, compared to a net profit of 78 billion won posted a year earlier, Lotte Shopping said in a regulatory filing.

The company operates Lotte’s key retail units, including its department store and hypermarket chains.

Operating income stood at 75 billion won, down 57.6 percent on-year. Sales also declined 6 percent to 7.1 trillion won over the cited period.

By Alex Lee and newswires (alexlee @heraldcorp.com)