Confectionery Orion posts record operating profit

Orion, a leading Korean confectionery best known for the pastry Choco Pie, posted a record operating profit last year, according to a regulatory filing Thursday.

Orion’s operating profit in 2016 rose by 9 percent to record 326.2 billion won. Its revenue reached 2.4 trillion won, a 0.2 percent rise.

The company pointed to the popularity of its flagship products including Choco Pie, Swing Chip (a potato chip) and The Xylitol (a gum product) as the vital factor behind such growth.

Its Chinese business didn’t soar as expected but still recorded 4.3 percent growth. “Orion will further fortify its Chinese business by vitalizing the global R&D segment,” the company said in a statement.

Orion’s Vietnam business posted an impressive sales growth of 24.1 percent. The company said its Vietnam operation surpassed 200 billion won in sales for the first time last year since it entered the country 11 years ago.