Innocean CI
Innocean posted record first-quarter operating profit, overtaking rival Cheil Worldwide in quarterly earnings for the first time in a decade.
According to industry data released Monday, Innocean reported first-quarter revenue of 523.8 billion won ($361.2 million) and operating profit of 39.7 billion won, up 4.1 percent and 33.3 percent, respectively, from a year earlier.
Cheil Worldwide, South Korea’s largest advertising agency by industry standing, posted operating profit of 36.5 billion won for the same period, down 37.6 percent from a year earlier.
It marked the first time since the fourth quarter of 2015 that Innocean’s quarterly operating profit exceeded that of Cheil Worldwide. In the final quarter of 2015, Innocean recorded operating profit of 35.6 billion won, surpassing Cheil Worldwide’s 33.8 billion won.
Hyundai Motor Group affiliate Innocean has recently benefited from stronger overseas marketing demand and expanded digital advertising business operations.
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