▲ This image provided by Lotte Confectionery Co. shows the company's corporate logo. (PHOTO NOT FOR SALE) (Yonhap)

Lotte Confectionery-Q2 earnings

Lotte Confectionery's Q2 net profit doubles on growth of overseas sales

SEOUL, Aug. 9 (Yonhap) -- Lotte Confectionery Co., the snack and food manufacturing unit of South Korea's Lotte Group, said Tuesday its net profit nearly doubled in the second quarter from a year earlier, boosted by a stellar growth of the company's global sales.

Lotte Confectionery's net income amounted to 30.3 billion won (US$23.2 million) on a consolidated basis in the April-June period, up 96.6 percent from 15.3 billion won a year earlier, the company said in a regulatory filing.

Operating profit rose 0.5 percent to 24.9 billion won and sales reached 567.8 billion won, climbing 11.5 percent from the previous year.

Lotte attributed its net profit increase to the growth in demand for its products overseas. In particular, sales of its ice cream products grew on-year by 150.7 percent in India, while the figure rose by 75.8 percent in Russia and 32.9 percent in Kazakhstan.

The company expected growing inflationary pressure of grain prices and foodstuff to pose challenges later in the year.

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