Sales Down 25% to 340.7 Billion Won
"Focusing on Profitability Improvement"
Hyundai Livart reported weak results for the third quarter of this year. Both sales and operating profit declined due to the economic downturn and a slowdown in demand for interior design.
On November 4, Hyundai Livart announced that its consolidated sales for the third quarter reached 340.7 billion won, with an operating profit of 3.7 billion won. Compared to the same period last year, these figures represent decreases of 25% and 61.7%, respectively.
Cumulative sales for the first three quarters amounted to 1.1883 trillion won, down by 267.6 billion won (18.4%) compared to the same period last year.
The main reason for the decline in sales is the underperformance of the B2B (business-to-business) furniture segment. B2B furniture sales, including built-in products, dropped by 27.5% year-on-year to 111.6 billion won. B2C (business-to-consumer) furniture sales reached 80.5 billion won, a slight increase of 0.2% from last year.
Hyundai Livart explained, "The number of built-in project sites is decreasing, and new large-scale office projects are also on the decline, leading to reduced B2B furniture sales."
The company is focusing on improving profitability in response to the market downturn. It aims to improve the cost-to-sales ratio in the built-in segment and plans to continue expanding its office-based B2B interior business.
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