Hyundai G.F Holdings said in a filing on May 8 that, on a consolidation basis, operating profit for the first quarter recorded 117.6 billion won, up 23.9% from a year earlier on a preliminary basis. Revenue was 2.0837 trillion won, up 0.6% from the same period a year earlier.
Hyundai G.F Holdings said the earnings growth was driven by improved profitability at major subsidiaries. Hyundai Green Food returned to profit, and Hyundai Home Shopping posted 65.3 billion won in operating profit, up 35.9% from a year earlier.
A Hyundai G.F Holdings official said, "Thanks to strong results at major affiliates such as Hyundai Green Food and Hyundai Home Shopping, both revenue and operating profit increased," and added, "We expect the growth of subsidiaries, including department stores and home shopping, to continue in the second quarter."