South Korean duty-free operator Lotte has reported soaring profit following its decision to partially withdraw from Incheon airport.
In the company’s first half report, it indicated solid worldwide sales accounted for the profit increase, which came to KRW155 billion (US$137 million) – up a staggering 1995 per cent.
Total global sales hit KRW2.7 trillion (US$2.4 billion), almost all of which came from domestic sales.
Three out of four concessions at Incheon were shuttered by the firm following long-running losses. The closures have saved the firm considerable expenditure on rent.
The positive results have encouraged Lotte to expect overseas sales in excess of KRW200 billion (US$177.7 million) this year, following the launch of additional stores in Vietnam and elsewhere.