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(LEAD) Emart 2019 net halves on one-off costs

All News 13:59 February 13, 2020

(ATTN: ADDS photo; REWRITES throughout)

SEOUL, Feb. 13 (Yonhap) -- Emart Inc., South Korea's largest discount store chain by sales, on Thursday reported a 53 percent on-year slump in net profit last year due to increased one-off costs.

Net profit for the whole of 2019 plunged to 223.8 billion won (US$189.5 million) from 478.6 billion won a year earlier, the company said in a statement.

"Increased corporate taxes and marketing costs cut into the annual business results amid an economic slowdown," a company spokesperson said.

Operating profit plunged 67 percent on-year to 150.7 billion won last year from 462.8 billion won. But sales rose 12 percent to 19.06 trillion won from 17.05 trillion won over the same period, it said.

In 2020, Emart aims to achieve 21 trillion won in sales by expanding its network of outlets, on which it will spend 845 billion won.

(LEAD) Emart 2019 net halves on one-off costs - 1

kyongae.choi@yna.co.kr
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