SEOUL, Lotte Himart Co., the electronic product sales unit of South Korea’s retail giant Lotte Group, said Wednesday its net losses sharply narrowed in 2023 from a year earlier on robust demand for high-end products.
Net losses came to 27.2 billion won (US$20 million) last year, smaller than the net loss of 527.9 billion won in 2022, the company said in a statement.
“Increased sales of value-added home appliances and private-brand products buoyed the bottom line last year though sales declined due to an economic slowdown,” the statement said.
The company shifted to an operating profit of 8.22 billion won from an operating loss of 52 billion won during the same period. Sales fell 22 percent to 2.61 trillion won from 3.34 trillion won.
Source: Yonhap News Agency