Hanwha Galleria Posts 4.9 Billion KRW Operating Loss in Q2, Deficit Widens

Hanwha Galleria announced on August 13 that its consolidated operating loss for the second quarter of this year amounted to 4.9 billion KRW. This represents a widening of the deficit compared to the same period last year, when the operating loss was 4.5 billion KRW.

The net loss increased from 800 million KRW to 14.3 billion KRW. Revenue rose by 0.5% year-on-year, reaching 126.9 billion KRW compared to 126.3 billion KRW in the previous year.

A Hanwha Galleria representative explained, "One-off costs increased due to the launch of new brands, and the temporary closure of some stores during the luxury hall renovation period also had an impact. However, with the renovation work set to be completed this month and the performance of the F&B division expected to improve, we anticipate a gradual recovery in results."

Exterior view of Hanwha Galleria. Provided by Hanwha Galleria