SEOUL (dpa-AFX) - Misto Holdings Corp. (081660.KS), a South Korea-based brand management and holding company, reported significantly higher operating profit in the second quarter, with revenue growth.
Operating profit was 295.2 billion won, a growth of 62.3 percent from last year. Consolidated revenue increased 16.6 percent year-on-year to 1.4 trillion won.
The company attributed the higher results mainly to strong performance at Acushnet, benefited from strong new product sales, as well as profitability improvement in the Misto segment.
The Acushnet segment posted second-quarter operating profit of 258.8 billion won and revenue of 1.23 trillion won, up 75.2 percent and 21.7 percent year-on-year, respectively.
The Misto segment's operating profit was 36.4 billion won, up 6.6 percent from last year, supported by improved profitability in Korea, growth in Greater China and company-wide cost efficiency initiatives.
Misto segment's revenue was 200.4 billion won, down 7.4 percent year-on-year, primarily reflecting the restructuring of its US operations. Excluding the US business, revenue grew 4.0 percent.
Ho Yeon (Aaron) Lee, CFO of Misto Holdings, said, 'Our second-quarter results reflect continued progress in strengthening the competitiveness and profitability of our core businesses. In the second half of the year, we will remain focused on enhancing FILA's product competitiveness in Korea, expanding our brand portfolio in Greater China, and driving greater operational efficiency to build a stronger foundation for sustainable growth.'
In South Korea, the shares closed Friday's regular trading at 42,500.00, down 0.93 percent.
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