HYUNDAI G.F. HOLDINGS CO., LTD. plunges more than 8% on weak third-quarter results [Stock NOW]

[Financial News] HYUNDAI G.F. HOLDINGS CO., LTD. is plunging after third-quarter results came in below market expectations.
As of 2:01 p.m. on the 9th, HYUNDAI G.F. HOLDINGS CO., LTD. was trading at 10,390 won, down 940 won (8.30%) from the previous trading day. The stock opened at 11,270 won before falling as low as 10,290 won during the session.
The third-quarter results announced on the 6th are believed to have dampened investor sentiment. HYUNDAI G.F. HOLDINGS CO., LTD. reported consolidated revenue of 1.9653 trillion won for the third quarter, up 2.1% from the same period a year earlier. Operating profit came to 65.3 billion won, down 14.2%.
Operating profit was 23.5% below the market forecast of 85.4 billion won. Net profit also fell 60.1% year on year to 65.8 billion won.
HYUNDAI G.F. HOLDINGS CO., LTD. said unfavorable business conditions, including higher oil prices and a decline in the won-dollar exchange rate, affected the results of some affiliates. Higher costs at Hyundai Livart due to rising oil prices, among other factors, contributed to the decline in consolidated operating profit.
However, cumulative revenue for the first three quarters of this year rose 1.8% year on year to 6.1047 trillion won. Cumulative operating profit also increased 9.6% to 268.2 billion won. Results at key subsidiaries Hyundai Green Food Co., Ltd., Hyundai Home Shopping Network Corp. and HANDSOME CORPORATION supported the cumulative performance.
Shareholder return measures have also failed to stem the share-price decline today. HYUNDAI G.F. HOLDINGS CO., LTD. plans to cancel all 7,409,861 treasury shares it holds on the 20th. The shares account for about 4% of the total shares issued and are worth approximately 100.1 billion won at book value. After the cancellation, the number of shares issued will fall to 175,987,338.

[email protected] Lee Jeong-hwa Reporter