"As a result of our efficiency-focused and profit-oriented management in the first half of the year, we were able to perform well, especially in operating profits," Orion said in statement. Orion plans to release additional Choco Pie flavors and more cookies to target Russian consumers in the remaining half of the year. Its pie products, including the famous Choco Pie, did particularly well, with on-year sales increasing 26 percent. In Russia, cookies sold well, contributing to a 26.5 percent increase in sales and a 105.4 percent increase in operating profit. Cake product C’est Bon also proved popular, generating more than one billion won in sales every month. Orion’s rice snack An, released in Vietnam last year, led growth surpassing 10 billion won in sales. In Vietnam, the confectionery maker recorded a 22 percent on-year increase in sales and 106.5 percent on-year increase in operating profit. It will also release new seasonal snacks to expand its customer base there. Orion plans to enter China’s 1.4 trillion won nutritional snack bar market with its Doctor You Protein Bars. Another category that helped propel sales was its dried seaweed snacks, which it recently launched in China. Its snacks and candy sold particularly well in the Chinese market. Sales in China increased by 15.1 percent on-year in the second quarter and operating profit by 54.1 percent. Orion said its earnings surprise was due to stellar performances overseas, especially in China, Vietnam and Russia. Its sales for the same period also increased 17.3 percent on-year, reaching 515.1 billion won. It recorded 65.7 billion won in second quarter net profit, increasing on-year by 78.3 percent.
Orion's quarterly performance also exceeded market expectations. Its operating profit also rose by 43.5 percent on-year to 183.2 billion won over the same period.
The confectionery maker announced Friday a 12.6 percent increase in sales surpassing 1.5 trillion won ($1.27 million) in the first half of the year.
Orion achieved its best ever performance for the first half of this year after a surge in overseas sales.
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