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Biz News Korea(Eng)
S. Korea’s Haitai Confectionery makes a roaring comeback
- Collected
- 2016.05.13
- Distributed
- 2016.05.16
- Source
- Go Direct
Shares in the snack maker closed at 31,950 ($27.46) Thursday, up 29.88 percent from 24,600 won on the first closing day and more than doubling the initial price offering of 15,100 won.
Haitai Confectionery & Foods Co. with roots in the Korea’s oldest snack maker was acquired by Crown Confectionery Co. in 2005. It was removed from the stock market in 2001 due to liquidity woes. Its attempts to return in 2008 and 2012 failed because of its debt ratio of 300 percent.
Blockbuster Honey Butter Chip launched in 2014 was the game changer for the company. The honey-flavored, sweet and salty potato chips took the nation by storm and ran out of stock as soon as they hit the shelves. The craze more than quadrupled the company’s net profit from 4.3 billion in 2014 to 16.9 billion won in 2015, while its sales rose to a record high figure of 798.3 billion won last year from 690 billion won in 2014.
Sales of the nation’s third-largest snack maker’s last year was driven by snacks, accounting for 67.6 percent of the total, followed by ice creams of 19.4 percent, foods and others of 13.0 percent.
By Yong Hwan-jin, Yoo Tae-yang
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]