Lotte Wellfood's Operating Profit Drops by 11.3% amid Rising Raw Material Costs
Creatrip Team
a year ago
Lotte Wellfood, a South Korean food company, reported a 0.5% decrease in sales for 2022 due to rising raw material costs and economic downturn impacts. The company saw its operating profit fall by 11.3% to 157.1 billion won, although its net profit rose by 21%. In the fourth quarter, there was a significant decline, with sales decreasing by 0.9% and a transition to an operating loss. The decrease in corporate tax expenses and reduced impairment from overseas asset evaluations contributed to improvements in net profit.
