KT&G profit soars ahead of tax hike

KT&G Corp. reported net income of KRW813.8 billion ($751.9 million) in 2014, up from KRW559.3 billion in 2013, reports The Korea Times.

Operating profit went up 15.6 percent on-year to KRW1.17 trillion last year, and sales gained 7.6 percent to KRW4.11 trillion.

The solid performance was attributable to increased sales in the local market ahead of a sharp rise in the tobacco tax, which nearly doubled the average price of cigarettes to KRW4,500 won per pack starting Jan. 1.

KT&G’s net profit soared 121.3 percent to KRW174.4 billion in the October-December period from a year ago, the company said.

Operating income gained 28.9 percent on-year to KRW287.2 trillion in the last three months, and sales rose 6.4 percent to KRW1.05 trillion, it said.