Nongshim’s flagship instant noodle products are piled up at a supermarket in Seoul on June 27, 2023. (Yonhap)
SEOUL, Aug. 11 (Korea Bizwire) — South Korea’s top instant noodle maker Nongshim Co. said Friday its net profit jumped more than 60 percent in the second quarter from a year earlier largely thanks to stronger demand for instant noodles amid high inflation and growth in overseas markets.
Net profit for the three months ended in June was 45 billion won (US$34.1 million), up 60.9 percent from 28 billion won during the same period last year, the company said in a regulatory filing.
Sales rose 10.8 percent to 837.5 billion won and operating profit logged a more than elevenfold increase to 53.7 billion won on-year in the April-June period.
The big increase in operating profit can be attributed to the base effect of the operating loss of its domestic business in the second quarter of last year for the first time in 24 years due to higher ingredient and management costs.
In the first half, Nongshim posted a net profit of 99.2 billion won, up 62.6 percent from a year ago, sales of 1.7 trillion won, up 13.8 percent, and operating profit of 117.5 billion won, up 204.5 percent.
South Korea’s top instant noodle maker Nongshim Co. said Friday its net profit jumped more than 60 percent in the second quarter from a year earlier largely thanks to stronger demand for instant noodles amid high inflation and growth in overseas markets.
Net profit for the three months ended in June was 45 billion won (US$34.1 million), up 60.9 percent from 28 billion won during the same period last year, the company said in a regulatory filing.
Sales rose 10.8 percent to 837.5 billion won and operating profit logged a more than elevenfold increase to 53.7 billion won on-year in the April-June period.
The big increase in operating profit can be attributed to the base effect of the operating loss of its domestic business in the second quarter of last year for the first time in 24 years due to higher ingredient and management costs.
In the first half, Nongshim posted a net profit of 99.2 billion won, up 62.6 percent from a year ago, sales of 1.7 trillion won, up 13.8 percent, and operating profit of 117.5 billion won, up 204.5 percent.
(Yonhap)
