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(LEAD) Lotte Shopping net losses deepen in Q4 on reduced value of properties

All News 17:23 February 08, 2022

(ATTN: RECASTS throughout with details; ADDS photo)

SEOUL, Feb. 8 (Yonhap) -- South Korean retail giant Lotte Shopping Co. on Tuesday said its net losses deepened in the fourth quarter from a year earlier due to reduced value of its properties.

Net losses increased to 517.4 billion won (US$431.2 million) in the October-December quarter from 447.2 billion won during the same period of last year, the company said in a regulatory filing.

A Lotte Shopping official said reduced value of the company's properties was factored in the quarterly bottom line.

Lotte Shopping said its operating profit fell 35.3 percent on-year to 117.4 billion won in the fourth quarter.

The operating profit was 17.6 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Sales decreased 4.1 percent to 3.79 trillion won.

Lotte Shopping operates the country's biggest department store chain and the second-biggest large discount store chain in terms of sales.

For the whole of 2021, the retail giant said its net losses narrowed to 286.7 billion won from a 686.5 billion won loss in 2020.

Its operating profit fell to 215.6 billion won in 2021 from 346 billion won in 2020. Sales dropped 3.7 percent on-year to 15.6 trillion won in 2021.

The corporate logo of Lotte Shopping Co. (PHOTO NOT FOR SALE) (Yonhap)

Shares in Lotte Shopping rose 1.89 percent to 86,100 won on the Seoul bourse, outperforming the broader KOSPI's 0.05 percent gain.

Lotte Shopping's earnings results were released after the stock markets closed.

jwc@yna.co.kr
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