South Korean retail giant Lotte Shopping posted a 15.4% year-on-year drop in first-quarter profits, after year-ago earnings were boosted by a one-off gain from the disposal of assets.

Net income totalled KRW192.3bn (US$143m) in the three month period, down from KRW227.3bn in the first quarter of last year, the company said in a regulatory filing today (23 April).

Sales were up 7.3% year-on-year, rising to KRW2.8trn, while operating profit increased 11.5% to KRW228.8bn.