Hyundai Department Store Q2 Profit Plummets 52.3% to 25.6 Billion Won


SEOUL, Aug. 8 (Yonhap) — Hyundai Department Store Co. reported on Tuesday that its second-quarter net profit was 25.6 billion won (US$19.4 million), a drop of 52.3 percent compared to the same period last year.

The company said in a regulatory filing that operating income for the April-June period also decreased by 21.9 percent year-on-year to 55.6 billion won, while revenue declined 13.8 percent to 970.3 billion won.

The earnings were below market expectations. According to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency, the average prediction of net profit was 43.9 billion won.

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