[Edaily Reporter KYUNG GYEYOUNG ] HYUNDAI G.F. HOLDINGS saw revenue growth in the third quarter, driven by strong performance from its subsidiaries, but operating profit declined as cost pressures—including rising oil prices—weighed on subsidiaries such as HYUNDAILIVART.

HYUNDAI G.F. HOLDINGS(005440)The company announced on the 6th that its consolidated operating profit for the third quarter was 65.3 billion won, a 14.2% decrease compared to the same period last year. Preliminary figures for the same period showed revenue increased by 2.1% to 1.9653 trillion won, while net income fell by 60.1% to 65.8 billion won.

An HYUNDAI G.F. HOLDINGS official explained, “Third-quarter operating profit temporarily declined as some affiliates were affected by rising raw material costs due to higher oil prices.”

The spokesperson added, “Thanks to strong performance from major subsidiaries such as HYUNDAI GREEN FOOD, HYUNDAI HOME SHOPPING NETWORK CORPORATION, and HandsomeCorporation, both cumulative revenue and operating profit for the first through third quarters increased,” and noted, “We expect operating profit to return to a growth trajectory based on the outlook for stabilizing oil prices and a rebound in the won-dollar exchange rate (a weaker won).”

In related news, HYUNDAI G.F. HOLDINGS announced today that it will cancel its entire treasury stock portfolio—7,409,861 shares (representing a 4.0% stake) valued at 100.1 billion won—on the 20th.