Hanyang Securities Reports 22.8% Drop in 1Q Operating Profit Due to Real Estate PF

Q1 Operating Profit of 16.1 Billion KRW

Hanyang Securities reported weak first-quarter earnings due to defaults in real estate project financing (PF).

Hanyang Securities announced on the 18th that its consolidated operating profit for the first quarter of this year was 16.1 billion KRW, a 22.8% decrease compared to 20.8 billion KRW in the same period last year. During the same period, sales increased by 20.9% to 331.1 billion KRW, while net profit decreased by 23.5% to 10.8 billion KRW.

A representative from Hanyang Securities stated, "We attribute this mainly to the overall deterioration in the securities industry," adding, "The contraction in the real estate project financing (PF) sector also had an impact."