SEOUL: E-Mart Inc., South Korea's leading discount store chain, announced on Thursday a significant rise in its third-quarter net profit, which increased more than fivefold compared to the previous year. The substantial growth is attributed to increased sales and equity gains from its affiliates. According to Yonhap News Agency, E-Mart's net profit for the quarter ending in September surged to 105.4 billion won (approximately US$75 million), up from 20.1 billion won recorded in the same period last year, as indicated in a regulatory filing by the company. A company spokesperson highlighted the firm's efforts to enhance the competitiveness of its core discount store chain business, which included upgrading outlets and organizing promotional events to draw in customers, contributing to the improved financial performance. Equity gains from affiliates, particularly Starbucks Korea, also played a crucial role in boosting the quarterly results. SCK Co., the operator of Starbucks in Korea, reported a 33 percent ye ar-on-year increase in operating profit, amounting to 66.4 billion won during the third quarter. E-Mart's overall operating profit saw a significant rise, jumping 43 percent to 111.7 billion won from 77.9 billion won in the previous year. However, the company experienced a 2.6 percent decline in sales, which fell to 7.5 trillion won from 7.7 trillion won over the same period. Looking ahead to the fourth quarter, E-Mart aims to bolster its price competitiveness to attract more customers to its physical outlets. Additionally, the company plans to expand its high-end product offerings on its online platforms, including SSG.com. For the period from January to September, E-Mart reported a net profit of 22.9 billion won, a turnaround from a net loss of 80.4 billion won during the same period last year. Operating profit more than tripled to 124.2 billion won from 38.6 billion won a year earlier, while sales slightly decreased by 1.6 percent to 21.77 trillion won from 22.12 trillion won.