Hyundai Livart, 3Q Operating Profit 500 Million KRW...87.3% Decrease YoY
[Asia Economy Reporter Choi Dong-hyun] The household furniture industry slump due to the housing market downturn has cast a shadow over Hyundai Livart's performance.
Hyundai Livart announced on the 10th that its operating profit for the third quarter of this year was 510 million KRW, a sharp decline of 87.3% compared to the same period last year. During the same period, sales increased by 3.9% to 364.3 billion KRW. Net profit for the period decreased by 81.8% to 631 million KRW.
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A Hyundai Livart official explained, "Sales of office furniture increased and sales grew due to overseas temporary construction projects," adding, "However, operating profit declined due to worsening market conditions such as a decrease in housing transaction volume and rising raw material and logistics costs."
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