Hyungji Elite posts record annual earnings

Hyungji Elite has posted the best earnings in its history.

The company disclosed preliminary results for its 25th fiscal year on Monday, reporting consolidated revenue of 177.7 billion won ($128 million) and operating profit of 8.4 billion won for the period from July last year through June this year. Revenue rose 7 percent from the same period a year earlier and operating profit rose 27 percent.

Strong performance in key businesses, including sports merchandise, significantly improved profitability. A one-time loss stemming from a temporary accounting valuation factor in the prior year was also fully resolved, and net profit for the period swung to a profit of 7.4 billion won.

Hyungji Elite plans to accelerate its push into domestic and overseas markets to further solidify its earnings base, while pursuing corporate value enhancement over the medium to long term. "Revenue growth, profitability improvement and financial soundness were all achieved at the same time, and we will continue to deliver growth that meets market expectations," a company official said.