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(LEAD) KT&G Q2 net falls 9.6 pct on FX losses

All News 11:19 August 06, 2020

(ATTN: RECASTS throughout with details)

SEOUL, Aug. 6 (Yonhap) -- KT&G Corp., South Korea's dominant tobacco company, said Thursday its second-quarter net profit fell 9.6 percent from a year earlier as foreign-exchange losses offset increased sales.

Net profit for the three months that ended in June fell to 293.46 billion won (US$248 million) from 324.46 billion won in the same period of last year, the company said in a statement.

"Foreign-exchange losses were reflected in the bottom line, fully offsetting increased exports and gains in property investments," the statement said.

The dollar rose to an average of 1,220.81 won in the second quarter from 1,165.91 won a year earlier, according to the Bank of Korea.

KT&G sold 10.5 billion cigarettes in the domestic market in the second quarter, up 1.9 percent from 10.3 billion cigarettes a year ago. It accounted for 63.4 percent of the country's 16.6 billion cigarette market in the second quarter, the statement said.

Its overseas sales climbed 9.4 percent to 13.9 billion cigarettes from 12.7 billion during the cited period.

Operating profit declined 1.1 percent to 394.73 billion won in the second quarter from 399.06 billion won a year ago. Sales rose 4.8 percent to 1.32 trillion won from 1.26 trillion won during the same period, it said.

(LEAD) KT&G Q2 net falls 9.6 pct on FX losses - 1


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