Hanssem Reports Strong Q2 Performance with Operating Profit Up 172.3%

[Asia Economy Reporter Kim Jong-hwa] Hanssem posted strong second-quarter earnings despite the impact of the novel coronavirus disease (COVID-19). This is analyzed to be due to increased consumer interest in remodeling and interior design amid the pandemic.

Hanssem announced on the 8th that its consolidated operating profit for the second quarter of this year was tentatively estimated at 23 billion KRW, a 172.3% increase compared to the same period last year. Sales reached 517.2 billion KRW, up 25.9% from the same period last year.

A Hanssem official stated, "Growing more than 20% compared to the same period last year is the first time in 4 years and 6 months since the fourth quarter of 2015," adding, "It raises expectations as the first signal of restarting the era of growth that continued from 2013 to 2017."

In particular, the success of the interior remodeling business 'Rehaus' stands out. The number of sales in the first and second quarters of this year increased by 286% and 201%, respectively, compared to the same period last year. Hanssem revealed, "In the case of Rehaus, we aim to sell 10,000 sets per month within as early as three years."

A Hanssem official said, "With the advent of the untact era, interest in living environments is expected to lead to increased demand for furniture, interior accessories, and remodeling," adding, "This will be an opportunity to solidify our position as a market-leading business."