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(LEAD) E-Mart swings to Q2 profit on one-off gains

All News 14:37 August 13, 2020

(ATTN: REWRITES throughout; ADDS photo)

SEOUL, Aug. 13 (Yonhap) -- E-Mart Inc., the country's largest discount store chain operator, said Thursday it shifted to a net profit in the second quarter from a year earlier on one-off gains.

E-Mart swung to a net profit of 314.5 billion won (US$265 million) for the April-June quarter from a net loss of 26.6 billion won in the year-ago period, the company said in a statement.

"Reduction in interest costs and proceeds from the sale of a property were reflected in the bottom line, offsetting sales decline at E-Mart stores," a company spokesman said.

(LEAD) E-Mart swings to Q2 profit on one-off gains - 1

Operating losses for the second quarter widened to 47.4 billion won from 29.9 billion won a year ago. Sales rose 13 percent to 5.19 trillion won from 4.58 trillion won during the same period.

Customers increasingly chose to shop at online malls instead of offline stores due to the new coronavirus outbreak in the June quarter.

In the January-June period, net profit soared to 359 billion won from 43.1 billion won a year earlier. Operating profit plunged 98 percent to 1 billion won from 44.4 billion during the cited period, and sales rose 13 percent to 103.99 billion won from 91.66 billion won.
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