Namyang Dairy. (Photo = Yonhap news)

 

[Alpha Biz= Reporter Paul Lee] NamYang Dairy Products announced on the 16th that Hong Jin-seok and Hong Beom-seok, both executives and children of former chairman Hong Won-sik, resigned on April 22.

With this, all members of the owner family have stepped down from management at NamYang Dairy Products. The company plans to focus on normalizing its operations moving forward.

Hong Won-sik, the eldest son of the late founder of NamYang Dairy Products, Hong Du-young, transferred management rights to Hanwha Company after a legal dispute with the domestic private equity fund (PEF) Hanwha Company ended in a Supreme Court ruling.

In the disclosure, NamYang Dairy Products revealed an operating loss of 7.4 billion won in the first quarter of this year on a consolidated basis.

First-quarter sales amounted to 2.342 trillion won, a decrease of 2.4% from the same period last year (2.4 trillion won), while the scale of operating losses decreased by 52.9% compared to the same period last year (157 billion won).

The company explained that although sales decreased slightly due to low birth rates and intensified competition in the dairy industry, it improved operating profit through cost savings and portfolio restructuring focused on profitability.

Even last year, NamYang Dairy Products reduced operating losses by 17% compared to the previous year with a strategy focused on profitability.

Cumulative operating losses over the four years from 2020 amounted to 315.6 billion won.

 

 

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