South Korea: HiteJinro�s operating profit falls 22.5% in the third quarter

South Korea’s HiteJinro said on the 14th of November that operating profit in the third quarter of this year fell 22.5% from a year earlier to 54.4 billion won.

Revenue in the same period decreased 2.3% to 669.5 billion won, and net profit came to 33.9 billion won, down 22.6%.

The overall slump in the alcoholic beverage market was seen as leading to weaker results. In particular, with beer demand slowing due to the weather, the company said it has strengthened the influence of Filite in the happoshu category, mainly for at-home consumption.