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A view of the headquarters of HiteJinro. (Photo courtesy of HiteJinro) |
[Alpha Biz= Ellie Kim] HiteJinro reported first-quarter operating profit of KRW 55.9 billion on a consolidated basis, down 10.8% year-on-year, the company disclosed on May 15.
Revenue for the same period fell 3.6% to KRW 590.8 billion, reflecting continued softness in the alcoholic beverage market.
The company attributed the decline to prolonged economic slowdown and shifting drinking trends, which have weighed on overall consumption.
To improve performance, HiteJinro plans to revamp its product portfolio and step up marketing efforts targeting major upcoming events, including the North and Central America World Cup.
In February, the company adjusted its flagship soju brand “Jinro,” lowering its alcohol content from 16% to 15.7% to align with the growing preference for lower-alcohol beverages. Ahead of the June tournament, HiteJinro has also appointed Son Heung-min as the brand ambassador for its flagship beer “Terra,” and is rolling out a series of promotional campaigns.
Alphabiz Reporter Ellie Kim(press@alphabiz.co.kr)
https://www.alphabiz.co.kr/news/view/1065546580839886
This article is based on global economic content from Alphabiz, which distributes English-language news on Korean markets and companies to international audiences.
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