[Edaily Reporter kim mi-kyung ] Pulmuone Corporate’s operating profit for the third quarter of this year fell to one-tenth of the level recorded in the same period last year. Although sales increased, profitability in its domestic business slowed due to the combined impact of rising raw material costs and one-time expenses incurred to streamline its workforce. Analysts note that while the company expanded its overseas operations, profitability improvements fell short of expectations.

Pulmuone Corporate(017810)Pulmuone announced on the 13th that it recorded an operating profit of approximately 4 billion won on a consolidated basis for the third quarter of this year. This represents an 89.6% decrease compared to the same period last year (approximately 38.1 billion won). Revenue for the period totaled approximately 915.1 billion won, a 3.0% increase from the same period last year (approximately 888.4 billion won).

Pulmuone Corporate officials stated, “Profitability in our domestic business slowed due to rising raw material costs and one-time expenses incurred to streamline our workforce structure,” adding, “Despite revenue growth, profitability in our overseas operations fell short of expectations.” The officials continued, “We plan to secure a stable foundation for growth and strengthen profitability-focused management by pursuing company-wide operational efficiency improvements, including enhancing operational efficiency and improving the profitability of our overseas operations.”

Pulmuone Corporate had previously implemented a voluntary retirement program in August for regular employees with at least five years of service. Under the severance package at that time, employees with less than 10 years of service received 12 months’ worth of base annual salary, while those with 10 to 21 years of service received 13 months’ worth, plus one additional month for each year of service. Employees with 21 or more years of service received the maximum amount of 24 months’ worth.