Hanwha Galleria Posts 9.4 Billion Won in Operating Profit Last Year, Up 177.7% On-Year

Impact of Luxury Demand and Influx of Foreign Visitors

Hanwha Galleria saw a sharp jump in operating profit last year, backed by growing demand for luxury goods.

Hanwha Galleria announced on the 24th that its consolidated operating profit for last year came to 9.4 billion won, up 177.7% from a year earlier. During the same period, sales rose 6.8% to 575.2 billion won, while net income swung to a profit of 3.3 billion won from a loss a year earlier.

Exterior view of Timeworld (left) and Galleria Gwanggyo. Hanwha Galleria

A Hanwha Galleria official said, "Department store division sales improved in the fourth quarter thanks to stronger luxury demand in the second half and increased inflows of foreign visitors, and sales in the F&B division also grew," adding, "Operating profit also improved due to selling and administrative cost reductions, as well as the reflection of fair value gains on investment properties."