SEOUL, April 14 (Korea Bizwire) — Hermes Korea said Friday that its net profit rose 22.7 percent in 2022 from a year earlier amid an ongoing trend of high-end fashion brands continuing their profit streak in South Korea. The South Korean arm of the French high-end fashion house reported a net income of 153.8 billion [...]
SEOUL, April 10 (Korea Bizwire) — Louis Vuitton Korea has said its net income rose 68.9 percent in 2022 from a year earlier, boosted by the “revenge shopping” trend during the pandemic and price increases. Louis Vuitton Korea Ltd., the Korean arm of the French luxury house, logged a net income of 380 billion won [...]
SEOUL, April 7 (Korea Bizwire) — Samsung Electronics Co. and LG Electronics Inc. have announced their preliminary first-quarter results, and the outcome is a mixed bag. Samsung Electronics suffered a record earnings shock with its operating profit plummeting to a historic low, not only in comparison to LG Electronics but also to LG Energy Solution [...]
SEOUL, April 5 (Korea Bizwire) — South Korea’s CJ Foodville Co. said Wednesday it swung to a net profit last year thanks to the stellar overseas performance of its bakery chain Tous les Jours. Tous les Jours is the second-largest bakery chain in South Korea by number of stores, after SPC Group’s Paris Baguette. The [...]
LONDON, April 4 (Korea Bizwire) — Gorilla Technology Group Inc. (“Gorilla”) (NASDAQ: GRRR), a global provider of AI-based edge video analytics, IoT technologies, and cybersecurity, today reported its unaudited financial results for the year ended December 31, 2022. 2022 Highlights: Strategic pivot to security convergence as complement to advanced AI video analytics Beefed up video [...]
SEOUL, April 2 (Korea Bizwire) — The first-quarter earnings outlook for South Korea’s major companies, including the world’s leading chipmakers Samsung Electronics Co. and SK hynix Inc., remains grim due mainly to sluggish global demand, an analysis of industry data showed Sunday. According to securities firms’ forecasts compiled by Yonhap Infomax, Samsung Electronics is projected [...]
SEOUL, April 1 (Korea Bizwire) — Lotte Duty Free said Friday its operating loss widened last year due to the prolonged COVID-19 lockdown in China and the dollar’s weakness. The duty-free operator posted an operating loss of 139.5 billion won (US$106.8 million) for the entire year of 2022, up from 28.8 billion won in 2021, [...]
SEOUL, March 31 (Korea Bizwire) – Woowa Brothers Corp., operator of the popular food delivery app Baedal Minjok, said Friday it shifted to a net profit in 2022 from a year earlier on increased demand for food delivery services during the pandemic. The delivery app operator swung to a net profit of 275.8 billion won [...]
SEOUL, March 31 (Korea Bizwire) — Toss Bank, the country’s third internet-only banking firm, said Friday it suffered a loss last year due to increased loan-loss reserves. Toss Bank, which went into operation in October 2021, reported a net loss of 264.4 billion won (US$203.3 million) in 2022, the lender said in a statement. Toss [...]
SEOUL, March 24 (Korea Bizwire) — South Korean casino operators are showing signs of recovering from COVID-19 losses, thanks to the increase in the number of domestic and international tourists. Kangwon Land Inc. returned to profitability last year by recording an operating profit of 217.6 billion won (US$168 million), according to the Financial Supervisory Service. [...]