Shinsegae Q1 net profit down 14.8 pct to 128.6 bln won

Shinsegae-Q1 earnings

Shinsegae Q1 net profit down 14.8 pct to 128.6 bln won

SEOUL, May 10 (Yonhap) -- Shinsegae Inc. on Wednesday reported its first-quarter net profit of 128.6 billion won (US$97.1 million), down 14.8 percent from a year earlier.

The company said in a regulatory filing that operating profit for the January-March period fell 6.9 percent on-year to 152.4 billion won. Revenue decreased 11.5 percent to 1.56 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 72.7 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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