Seoul: Lotte Wellfood Co. announced a 13.3 percent increase in its first-quarter net profit, reaching 22.7 billion won (US$16.3 million). The company disclosed these figures in a regulatory filing, highlighting a rise in revenue despite a decrease in operating profit.

According to Yonhap News Agency, Lotte Wellfood's operating profit for the quarter was 16.4 billion won, a decline from the 37.3 billion won recorded in the same period last year. The company's revenue, however, increased by 2.5 percent to 975.1 billion won. The operating profit was 20.8 percent lower than the average estimate from a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency. The net profit estimate was not provided in the survey.