SEOUL, Nov. 6 (Yonhap) -- Lotte Shopping Co., an affiliate of South Korean retail conglomerate Lotte Group, said Friday it swung to a net profit in the third quarter from a year earlier, buoyed by strong overseas performance and improved department store sales.
The company shifted to a net profit of 142.4 billion won (US$105 million) in the three months that ended in September from a net loss of 48.7 billion won in the same period last year, according to a regulatory filing.
"Higher spending by foreign tourists at the company's department stores and strong sales at its hypermarkets in Vietnam buoyed its quarterly results," the company said.
Lotte Shopping operates three department stores and 17 hypermarkets in Vietnam, as well as one department store and 47 hypermarkets in Indonesia.
Lotte Mall West Lake Hanoi, a large mixed-use complex comprising a shopping mall, supermarket, hotel, aquarium and movie theater, has generated cumulative sales of more than 1 trillion won since opening in September 2023.
Operating profit rose 34.5 percent to 175.6 billion won in the third quarter from 130.5 billion won a year ago. Sales climbed 7.1 percent to 3.65 trillion won from 3.41 trillion won.
From January through September, the company also shifted to a net profit of 300.86 billion won from a net loss of 40.95 billion won in the year-ago period.
Operating profit jumped 62 percent to 518.35 billion won from 319.38 billion won, while sales rose 4.9 percent to 10.72 trillion won from 10.22 trillion won.
"We will continue to restructure our business portfolio and strengthen the core department store and retail operations to ensure stable growth," a company official said.
This file photo, provided by Lotte Shopping Co., shows a Lotte Department Store in central Seoul. (PHOTO NOT FOR SALE) (Yonhap)
This file photo, provided by Lotte Shopping Co., shows a Lotte Department Store in central Seoul. (PHOTO NOT FOR SALE) (Yonhap)