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(ATTN: RECASTS throughout; ADDS photo)

SEOUL, Feb. 9 (Yonhap) -- Shinsegae Inc., the operator of South Korea's second-largest department store chain, said Monday its net profit plunged 66 percent in 2025 from a year earlier due to one-off costs.

Net profit fell to 63.5 billion won (US$43.3 million) last year from 186.6 billion won the previous year, the company said in a regulatory filing.

"One-off costs linked to the planned return of its duty-free license at Incheon International Airport hurt earnings," the company said.

Shinsegae plans to terminate operations in the airport's DF2 zone -- which covers cosmetics, perfumes, liquor and tobacco -- by April 27. Its duty-free shops in the DF4 zone will continue operating.

Operating profit rose 0.6 percent to 479.9 billion won from 477.02 trillion won during the same period. Sales rose 5.5 percent to 6.92 trillion won from 6.57 trillion won.

Sales in the core department store business rose on continued investments in facilities, while improved equity gains from affiliates, including Shinsegae DF, also supported overall performance, the company said.

This file photo taken June 2025 shows Shinsegae Inc.'s main department store building in central Seoul. (Yonhap)

kyongae.choi@yna.co.kr(END)

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