KT&G Corp., South Korea’s dominant tobacco company, said Thursday its on-year net profit dropped 22 percent last year on decreased sales in overseas markets.
Net profit for the whole of 2018 fell to 906.2 billion won ($805 million) from 1.16 trillion won a year earlier, the company said in a statement.
“The net result was affected by reduced exports to main markets, such as the Middle East and the Commonwealth of Independent States. Moreover, increased corporate taxes also weighed on the bottomline,” a company spokeswoman said.
In 2019, the company said it aims to revive sales in existing markets and explore new markets to enhance its profitability.
Operating profit also declined 11 percent to 1.26 trillion won last year from 1.43 trillion won a year ago. Sales were down 4.1 percent to 4.48 trillion won from 4.67 trillion won during the same period, it said. (Yonhap)