Lotte Duty Free inches back into the black in 3rd quarter

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Lotte Duty Free inches back into the black in 3rd quarter

Lotte Duty Free, Korea’s No. 1 duty-free operator, said Tuesday it swung to the black in the third quarter from a year earlier on cost-saving measures despite a sharp drop in the number of Chinese tourists.

The company said its operating profit came to 27.6 billion won ($24.7 million) on a consolidated basis in the July-September period, with sales reaching 1.44 trillion won.

The figures were achieved despite the diplomatic row between Seoul and Beijing over a U.S. missile defense system, it said.

In the second quarter of this year, Lotte Duty Free suffered a 29.8 billion won operating loss, after the Beijing government banned its travel agencies from selling Korea-bound group tour packages in apparent retaliation over Seoul’s installation of the U.S. Terminal High Altitude Area Defense (Thaad) system.

Lotte Duty Free said its cost reduction efforts and an increase in sales contributed to the improvement in the latest earnings. YONHAP
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