Alphabiz - Hite Jinro saw its operating profit drop 123.935 billion won last year due to increased Kelly′s advertising costs

[Alpha Biz=(Chicago) Reporter Kim Jisun] Hite Jinro showed poor performance last year due to rising raw material prices and increased marketing costs for the newly released Kelly.

Hite Jinro announced on the 29th that its consolidated operating profit fell 35% year-on-year to 123.9 billion won last year.

Sales rose 0.9 percent year-on-year to 2.52 trillion won during the same period.

Hite Jinro, which launched "Kelly" in April last year to regain the top spot in the domestic beer market, has shown sluggish performance due to a sharp drop in profitability due to huge marketing costs and increased prices of raw materials.

Hite Jinro analyzed that rising raw material prices and increased costs stemming from intensifying liquor competition affected operating profit.

Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)