Shinsegae said on Jan. 30 its net profit in 2017 plunged 34.6 percent from a year earlier due to asset revaluation.
Shinsegae’s net profit came to 211.3 billion won (US$197 million) on a consolidated basis last year, compared with 323.4 billion won in 2016, the company said in a regulatory filing.
Operating income shot up 37.2 percent on-year to 344.9 billion won, and sales advanced 31.4 percent to 3.87 trillion won during the cited period, it said.
The figures reflect the performance of Shinsegae and its subsidiaries, including its apparel arm, Shinsegae International.
By Song Seung-hyun and newswires (email@example.com