Hyundai Green Food Sees 5% Drop in Q2 Operating Profit Due to Subsidiary Bonuses

First Half Sales Reach 1.12 Trillion Won, Up 2% Year-on-Year

Hyundai Green Food reported a decrease in operating profit for the second quarter of this year due to the early recognition of performance-based bonuses at its subsidiary. However, thanks to strong performance in its main businesses such as group catering, sales for the first half of the year surpassed 1 trillion won.

On August 5, Hyundai Green Food announced that its consolidated operating profit for the second quarter was 30.9 billion won, a 5.0% decrease compared to the same period last year. During the same period, sales reached 552.1 billion won, up 1.8% year-on-year. Net profit for the period was 23.4 billion won, down 0.7%.

For the first half of the year, cumulative sales grew 1.9% year-on-year to 1.1227 trillion won. Operating profit (63.1 billion won) decreased by 0.9%, while net profit (49.8 billion won) increased by 3.9%.

Operating profit temporarily declined as a portion of year-end performance-based bonuses at its subsidiary, Hyundai Catering System, was reflected in the second quarter results.

On a separate basis for the second quarter, sales reached 538.8 billion won, up 2.8% from the same period last year. Operating profit also rose 33.5% to 30.8 billion won. For the first half, cumulative sales and operating profit were 1.0953 trillion won and 58.5 billion won, respectively, representing growth of 2.6% and 10.5%.

A Hyundai Green Food representative stated, "Both sales and operating profit increased thanks to strong results in our core businesses such as group catering, dining, and care food." The representative added, "In particular, operating profit showed significant growth as we enhanced efficiency based on the competitiveness of our group catering and food material businesses."

This content was produced with the assistance of AI translation services.