SEOUL, Feb. 9 (Yonhap) — Emart Inc., South Korea’s largest discount store chain by sales, on Tuesday reported a 62 percent on-year jump in net profit last year due to increased one-off revenues.
Net profit for the whole of 2020 came to 362.5 billion won (US$324.8 million), up from 223.8 billion won a year earlier, the company said in a regulatory filing.
Emart said its sale of a 39,050-square-meter plot of land in western Seoul last year buoyed the bottom line.
Emart sold the plot of land for 800 billion won in 2020, which it bought 2013 for 240 billion won.
Operating profit surged 57.4 percent on-year to 237.1 billion won last year from 150.6 billion won a year ago.
Sales rose 17.8 percent to 21.39 trillion won from 18.16 trillion won over the cited period.
Shares in Emart fell 0.87 percent to 171,000 won on the Seoul bourse, roughly in line with the broader KOSPI’s 0.21 percent loss.