Published : Aug. 23, 2016 - 11:37
[
THE INVESTOR] A sweltering heat wave has stifled South Korea this summer, but that has not helped the country’s domestic beer industry.
The second-quarter beer sales of
Hite Jinro, one of the leading South Korean distillers, fell 8.6 percent on-year, dragging down total sales to 200.6 billion won (US$179.3 million), according to Samsung Securities. The operating profit came in at 27.6 billion won, down 1.7 percent from the same period last year, well below market expectations. The company remained in the red with 13.5 billion won net loss, according to the industry on Aug. 23.
Anheuser-Busch InBev, the parent company of top beer-maker Oriental Brewery, reported a flat second-quarter performance in spite of advance purchases of wholesalers before the rumored price rise.
While sales of local beers have been slipping, imported beers are flying off shelves more than ever before. Import volume for beer has been growing at over 20 percent the past five years, reaching US$141.86 million in 2015, according to data released by Korea Agro-Fisheries & Food Trade Corporation.
By Hwang You-mee (
glamazon@heraldcorp.com)