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(KT&G) |
KT&G, the nation’s largest tobacco company, said Thursday its cigarette sales hit a new record in the third quarter, largely buoyed by overseas sales.
In the July-September period, the company reported 1.04 trillion won ($780 million) in cigarette sales, up 7.7 percent from a year ago and the highest-ever quarterly figure. Operating profit in cigarette sales also soared 23.6 percent to 333 billion won.
Overseas sales made up about one-third of its total cigarette sales, worth 419.7 billion won, a 30.5 percent jump from the past year.
Despite the upbeat performance of cigarette sales, KT&G's total sales decreased 3 percent to 1.63 trillion won in the third quarter. But operating profit increased 2.2 percent to 415.7 billion won, exceeding earlier market estimates of 380.6 billion won.
The company said it could elevate operating profits by focusing on its core cigarette business while improving operational efficiency overall.
The company also announced a new plan to boost shareholder benefits, including shareholder buyback, by 2027.
Earlier in the day, its board approved repurchasing 1.35 million shares worth 150 billion won by the end of this year.
