
AI-generated summary
Hyundai GF Holdings is the holding company of Hyundai Department Store Group, and rising oil prices and falling exchange rates affected the cost burden of its affiliates.
(Seoul = Yonhap News) Reporter Jeong Soo-yeon = Hyundai GF Holdings, the holding company of Hyundai Department Store Group, announced on the 6th that its consolidated operating profit in the third quarter of this year was provisionally calculated to be KRW 65.3 billion, a 14.2% decrease from the same period last year.
During the same period, sales amounted to KRW 1.9653 trillion, an increase of 2.1% compared to the same period last year.
Net profit for the period was 65.8 billion won, a 60.1% decrease from the same period last year.
Hyundai GF Holdings said, “Consolidated operating profit decreased as some affiliates were affected by the unfavorable macro environment such as rising oil prices and falling exchange rates,” and added, “Sales and profit growth is expected to recover in the future as oil prices stabilize and exchange rates rebound.”
As oil prices rose, the cost burden on Hyundai Livart and others increased, leading to a decrease in operating profit.
Hyundai GF Holdings plans to cancel the treasury shares it purchased last month on the 20th as part of its shareholder return policy.
AI outlook — possibilities, not facts
Treasury stock scheduled to be burned on the 20th
Very likely · Within days

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