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Thursday May 8, 10:18 AM
S Korean Brewer Jinro's Q1 Profit Jumps, Raising Relisting HopesSEOUL, May 8 Asia Pulse - Jinro Ltd., South Korea's largest distiller, reported Thursday a nearly 30 per cent jump in its net income for the first quarter of this year, boosting hopes that its plan to relist its shares could gain momentum. Jinro, an affiliate of Hite Brewery (KSE:000140), the country's biggest beer maker, earned 34 billion won (US$32.6 million) in the three months ended March 31, the company said in a statement.
"Ahead of a relisting, the significant recovery in earnings will help maximize our corporate value," said an official at Jinro. Jinro, which accounts for more than half of the market for the country's popular liquor soju, has been preparing to go public later this year, five years after it was delisted from the nation's main stock market following bankruptcy. In 2005, Jinro was sold to a Hite-led consortium for US$3.4 billion. Last year, Jinro posted a net profit of 150.7 billion won on sales of 669.5 billion won. (Yonhap)
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