Lotte Wellfood-Q1 earnings
Lotte Wellfood Q1 net income down 26.6 pct to 16.7 bln won
SEOUL, May 8 (Yonhap) -- Lotte Wellfood Co. on Friday reported its first-quarter net income of 16.7 billion won (US$11.4 million), down 26.6 percent from a year earlier.
The company that makes confectionary, ice cream as well as processed food said in a regulatory filing that it posted 35.8 billion won in operating profit for the quarter, compared with 16.4 billion won a year ago. Sales rose by 5.4 percent to 1.02 trillion won.
The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 19.1 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
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