The Shinsegae Group has announced it will hold an investor relations event on August 25 to promote investment with domestic and overseas institutional investors.

The event is sponsored by IBK Investment & Securities and Citi Securities. The company will hold investor meetings and question-and-answer sessions to raise funds from domestic and overseas institutional investors. 

The Shinsegae Group reported its first quarterly operating loss since May 2011, when it separated the department store business and E-mart, the largest retailer in Korea. It posted an operating loss of 43.1 billion won ($36.2 million) in the second quarter, down 163.3% from the same period of last year, due to the duty-free shop struggling in the face of the pandemic. 

Sales also fell 32.6% year-on-year to 1.14 trillion won, and net profit also turned to deficit with a loss of 16.3 billion won. 

An industry source said the earnings are expected to improve at a modest pace as sales of its department stores and Casamia, its furniture and homeware chain, are likely to increase. (Reporting by Hyewon Chang)