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(LEAD) KT&G Q3 net falls 14 pct on currency losses

All News 11:13 November 05, 2020

(ATTN: REWRITES throughout; ADDS photo)

SEOUL, Nov. 5 (Yonhap) -- KT&G Corp., South Korea's dominant tobacco company, said Thursday its third-quarter net profit fell 14 percent from a year earlier as foreign-exchange losses offset increased sales.

Net profit for the three months that ended in September fell to 278.08 billion won (US$246 million) from 322.07 billion won in the same period of last year, the company said in a statement.

"Foreign-exchange losses cut into the quarterly bottom line despite increased domestic sales and exports," the statement said.

The dollar fell to an average of 1,188.54 won in the third quarter from 1,193.24 a year ago, according to the Bank of Korea.

KT&G sold 11.9 billion cigarettes in the domestic market in the third quarter, up 8.2 percent from 11 billion cigarettes a year ago. It accounted for 64 percent of the country's 18.4 billion cigarette market, the statement said.

Its overseas sales jumped 31 percent to 12.7 billion cigarettes from 9.7 billion during the cited period helped by strong demand from the Middle East, it said.

Operating profit rose 14 percent to 434.65 billion won in the third quarter from 382.47 billion won a year ago. Sales climbed 11 percent to 1.46 trillion won from 1.32 trillion won during the same period.

(LEAD) KT&G Q3 net falls 14 pct on currency losses - 1


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