Daesang posts 16% rise in Q2 operating profit on cost cuts, global growth

Daesang said Friday its second-quarter consolidated operating profit rose 16.2 percent year-on-year to 46.5 billion won ($32.9 million).

Sales for the quarter climbed 8.3 percent from a year earlier to 1.17 trillion won. For the first half of the year, cumulative sales reached 2.28 trillion won, up 3.1 percent from the same period last year, while operating profit grew 6.9 percent to 103.5 billion won.

"Domestically, we improved profitability in the food business through lower manufacturing costs and operational efficiency gains, and our global food business also grew through locally tailored product development and expansion into new markets and locations," a company official said. "We will continue to grow through segment-specific strategies going forward."