Lotte Shopping, South Korea’s largest retailer, has booked buoyant operating profits and sales in 2009, a year in which it made two key acquisitions.
The company, which this week secured the acquisition of South Korean c-store chain Buy The Way, booked a 14.4% rise in annual operating profit to KRW879bn (US$759.2m). Turnover climbed 10% to KRW12trn.
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Lotte recorded a 2.9% dip in net profit to KRW722bn but the slip in the bottom line came as interests expenses climbed.
The KRW275bn acquisition of Buy The Way came a month after Lotte won regulatory clearance in China for its HK$4.87bn (US$672.2m) purchase of local supermarket group Times.
At the end of 2009, Lotte had 301 stores in South Korea and a portfolio of 101 outlets overseas, including 79 in China.
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