Hyundai Movex disclosed on Feb. 5 that last year it posted 395.3 billion won in revenue and 18.5 billion won in operating profit. Compared with the same period a year earlier, revenue rose 15.8%, while operating profit fell 24.5%. Net profit for the period came to 11.9 billion won, down 55.7%.
A Hyundai Movex official said, "We recognized early that a Chinese client had entered rehabilitation proceedings and, to manage potential risk, we preemptively set aside a little over 6 billion won of the remaining balance as an allowance for doubtful accounts, so the situation poses no problem at all for operations," adding, "Given that we took this bad-debt measure to bolster shareholder confidence, we will simultaneously make active recovery efforts and do our best to maintain a stable growth trajectory this year."