Tobacco.org

KT&G Profit Declines 34% in Absence of Tax Refund (Update3) 

KT&G Corp., South Korea's biggest tobacco company, said fourth-quarter profit fell 34 percent from a year earlier in the absence of a one-time tax refund.

Net income was 135 billion won ($142 million) in the three months ended Dec. 31 from 205.1 billion won a year earlier, the Daejeon, South Korea-based company said in a regulatory filing today. That compares with the average estimate of 158.5 billion won of 17 analysts compiled by Bloomberg.

KT&G is looking to sell more cigarettes overseas to offset increasing competition from foreign rivals in South Korea

Jump to full article »