(LEAD) KTandG shifts to Q4 net profit on weak won, exports

SEOUL, KTandG Corp., South Korea's dominant tobacco company, said Wednesday it shifted to a net profit in the fourth quarter from a year earlier on a weak won and robust exports. KTandG swung to a net profit of 117.12 billion won (US$88 million) in the three months ended in December from a net loss of 60.03 billion won in the same period a year-ago, the company said in a statement. On top of a weak won, increased exports of traditional cigarette products and next-generation heat-not-burn product lil also helped the quarterly results, it said. A weak won against the U.S. dollar drives up the value of an exporter's dollar-denominated gains when converted into the local currency. Operating profit fell 1.4 percent to 198.56 billion won in the December quarter from 201.4 billion won a year ago. Sales rose 3.2 percent to 1.45 trillion won from 1.4 trillion won during the same period. For the whole of 2023, net income fell 7.8 percent to 926.56 billion won from 1 trillion won the previous year. Operating prof it declined 7.9 percent to 1.17 trillion won from 1.27 trillion won during the cited period. Sales were up 0.4 percent to 5.87 trillion won from 5.85 trillion won. In 2024, KTandG aims to achieve a growth of over 10 percent in sales and 6 percent in operating profit. To enhance shareholder value, it plans to cancel 315 billion won worth of treasury shares on Feb. 16 and buy back further treasury stocks for cancellation later this year. Source: Yonhap News Agency