Shinsegae Q2 net profit down 26.2 pct to 58.1 bln won

Shinsegae Inc. on Wednesday reported its second-quarter net income of 58.1 billion won (US$42.2 million), down 26.2 percent from a year earlier. The company said in a regulatory filing that it posted 117.5 billion won in operating profit for the quarter, compared with 149.6 billion won a year ago. Sales rose 1.8 percent to 1.6 trillion won. The earnings beat market expectations. The average estimate of net profit by analysts stood at 43 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Source: Yonhap News Agency