(MENAFN) South Korea's tobacco producer KT&G Corp. reported a surge in its first quarter net profit of 64.1 percent mainly on increased margin from price hikes and currency gains, Yonhap News reported.
Its net profit amounted to USD284.72 million on a consolidated basis in the January-March period, compared with USD173.87 million a year earlier, the company said in a regulatory filing.
Meanwhile, operating income gained 64.7 percent on-year to USD395.92 million in the first quarter, and sales rose 18 percent to USD1.04 billion over the cited period, KT&G said.
"Sales at convenience stores plunged in January, but they have been slowly recovering. We expect sales to improve under the current quarter," a marketing director at KT&G said.
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