SEOUL - Hanssem Co., a leading South Korean home furnishing company, has reported a net loss for the third quarter of 2023, continuing its struggle to achieve profitability.
According to Yonhap News Agency, the financial statements filed by the company, Hanssem experienced a net loss of 13.1 billion won (approximately US$9.9 million) for the period ending in September. Despite the net loss, the company did see an increase in its operating profit, which reached 4.9 billion won, showing a notable recovery from the 13.6 billion won loss reported in the same quarter of the previous year. Hanssem's sales also witnessed a slight growth of 0.7 percent, totaling 480.9 billion won. The operating profit surpassed analysts' expectations by 145.6 percent, as per the survey conducted by Yonhap Infomax, though no estimate for net profit was available.
This mixed financial performance highlights the challenges and resilience in the company's operations amidst the competitive market landscape.