April 26, 2024

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[THE INVESTOR] Shinsegae said on Nov. 6 its third-quarter net profit surged 617.8 percent from a year earlier on the back of strong performance by its duty-free unit.

Net profit reached 44 billion won (US$39 million) on a consolidated basis in the July-September period, compared with 6 billion won tallied a year earlier, it said in a regulatory filing.

Operating income shot up 80.4 percent on-year to 74 billion won, and sales advanced 34.3 percent to 985 billion won during the cited period, it said.

The figures reflect the performance of Shinsegae and its subsidiaries, including its apparel arm, Shinsegae International.

The company attributed the growth to brisk sales of its duty-free affiliate Shinsegae DF Inc. which posted 270 billion won in sales during the three-month period, up 342.1 percent from a year earlier. The company said its net swung to the red, but did not disclose the actual number.
 
By Alex Lee and newswires (alexlee@heraldcorp.com)