Hyundai Home Shopping Embracing Hansome, Smiles Broadly in Q3
Operating Profit 18.2 Billion KRW... Up 8.4% YoY
Increase Due to Subsidiary Consolidation Impact
Operating Profit Decreased on Individual Basis Due to Home Shopping Transmission Fees
Hyundai Home Shopping recorded improved third-quarter earnings compared to the same period last year due to the impact of newly incorporated subsidiaries. However, when looking solely at the home shopping division, operating profit slightly decreased due to transmission fees.
Hyundai Home Shopping announced on the 5th that its consolidated operating profit for the third quarter of this year was preliminarily estimated at 18.243 billion KRW, an 8.4% increase compared to the same period last year. During the same period, sales increased by 78.1% to 899.545 billion KRW, and net profit rose by 11% to 26.565 billion KRW.
Looking at Hyundai Home Shopping's performance on a cumulative basis for the third quarter, consolidated sales reached 2.8486 trillion KRW, an 87.1% increase compared to the same period last year. Operating profit also recorded 109.7 billion KRW, marking a 114% increase.
Excluding subsidiaries, Hyundai Home Shopping's third-quarter standalone sales also rose slightly by 0.3% to 255.8 billion KRW compared to the same period last year. However, standalone operating profit decreased by 2.6% during this period, recording 9 billion KRW.
Hyundai Home Shopping has subsidiaries including Hyundai L&C, Hansome, and Hyundai Futurenet. Among these, Hansome and Hyundai Futurenet were incorporated as Hyundai Home Shopping subsidiaries starting this year.
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A Hyundai Home Shopping representative explained, "Sales slightly increased due to strong performance in fashion, kitchenware, and food product categories, but operating profit decreased due to factors such as increased transmission fees. The consolidated results showed increases in sales and operating profit compared to the same period last year due to Hansome and Hyundai Futurenet being newly incorporated as subsidiaries under accounting standards starting this year."
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