HL Mando announced in a regulatory filing on the 30th that it preliminarily recorded a consolidated operating profit of 51.538 billion won for the third quarter of this year. This represents a decrease of 45.3% year-on-year and 51.8% quarter-on-quarter.

[Sales Flat... Profitability Turns to Loss]

Third-quarter revenue came in at 2.32053 trillion won, showing a 0.0% change on a reported basis compared to the same period last year (2.321278 trillion won). Compared to the previous quarter's revenue of 2.495285 trillion won, it fell 7.0%.

Loss from continuing operations before income tax expenses stood at 41.197 billion won, turning to a loss both quarter-on-quarter and year-on-year. The company posted profits of 92.695 billion won in the previous quarter and 65.524 billion won in the same period last year. Net loss for the period was 42.513 billion won, swinging to a loss from a net profit of 58.783 billion won in the previous quarter and 49.217 billion won in the same period last year. Net loss attributable to owners of the parent company was tallied at 47.057 billion won, also turning to a loss compared to net profits of 53.644 billion won in the previous quarter and 43.681 billion won in the same period last year.

[Cumulative Results Show Slight Sales Growth but Lower Profits]

Cumulative revenue for the first three quarters of this year totaled 7.127471 trillion won, up 1.9% from the same period last year. However, cumulative operating profit amounted to 252.14 billion won, down 9.1% from the same period last year (277.437 billion won). During the same period, cumulative profit from continuing operations before income tax expenses was 137.473 billion won, down 14.7% year-on-year. Cumulative net profit fell 26.0% to 6.9344 billion won, while net profit attributable to owners of the parent company decreased 28.5% to 54.356 billion won.

HL Mando stated that these results are preliminary consolidated operating figures prepared in accordance with Korean International Financial Reporting Standards (K-IFRS). The company explained that as the accounting review by external auditors of the company and its subsidiaries has not yet been completed, actual results may differ from these figures.