Ottogi posts W45.3b operating profit in Q2, boosted by overseas sales

Ottogi reported Friday that its consolidated operating profit for the second quarter of this year reached 45.3 billion won ($32 million), up 0.3 percent from the same period a year earlier.

Second-quarter sales rose 4.6 percent year-on-year to 943.8 billion won. Overseas sales were a particular bright spot, climbing 15.1 percent to 110.6 billion won and lifting the share of international revenue in total sales by 1.1 percentage points to 11.7 percent. Net profit, however, fell 2.7 percent to 33.2 billion won.

For the first half of the year, sales grew 4.2 percent to 1.9 trillion won, while operating profit rose 2.0 percent to 104.6 billion won. Domestically, growth was driven by Ottogi's packaged rice and cup noodle lines. Overseas exports also contributed, with first-half international sales expanding 12.3 percent to 220.5 billion won.

"It was a half-year in which we faced challenges on the profit side," an Ottogi official said, "but overseas sales are gradually increasing."