Now In Korea
Dongwon Industries Q3 Operating Profit Falls 15% to 148.1 Billion Won Amid High Exchange Rates
Creatrip Team
4 months ago
Dongwon Industries, the holding company of Dongwon Group, reported consolidated Q3 operating profit of 148.1 billion won, down 15.1% year‑on‑year, while revenue rose 10.6% to 2.5865 trillion won. The company said high exchange rates and rising raw material costs plus an increase in statutory wages (통상임금) hurt profitability in seafood and packaging segments. Year‑to‑date operating profit grew 10.1% to 406.6 billion won on sales of 7.2644 trillion won, up 8.0%.
Food arm Dongwon F&B saw exports climb about 20%, driven by products such as Dongwon canned tuna (featuring BTS member Jin), instant meals like tteokbokki, gim (seaweed), kimchi, pet food and beverages; online sales grew over 15%. Dongwon Home Food posted broad strength across condiments, foodservice and meat distribution, lifting both sales and operating profit by focusing on higher‑margin sales and new B2B accounts. Separate‑basis results for Dongwon Industries showed modest revenue growth and improved profitability from premium tuna sales and cost cuts. Packaging subsidiary Dongwon Systems expanded pouch and flexible packaging exports to North America and now exports over 40% of its sales in high‑value products, but saw operating profit decline due to higher aluminum and wage costs. The group said it will push global food and materials businesses and pursue new ventures to build sustainable growth amid a tough macro environment.
Like the information?