SEOUL — In a notable recovery, LG Corp. reported a fourth-quarter net profit of 65 billion won ($49 million), marking a significant turnaround from a loss of 163 billion won in the same period a year earlier.
According to Yonhap News Agency, The company's regulatory filing revealed that operating profit for the October-December period increased by 15.7 percent to 119.6 billion won. Additionally, revenue saw a 6.2 percent rise, reaching 2.03 trillion won.
This positive quarterly performance underscores LG Corp.'s resilience and successful strategic adjustments, overcoming previous losses to post profits and revenue growth in a competitive business environment.
SEOUL — Hyundai Department Store Co. has transitioned from profitability to a net loss in 2023, recording a loss of 40.8 billion won ($30.7 million), a stark contrast to the 186 billion won profit reported in the previous year.According to Yonhap News Agency, the operating profit saw a slight decrease to 303.5 billion won from 320.9 billion won a year earlier, while annual sales experienced a significant drop of 16.1 percent, falling to 4.2 trillion won.
This financial downturn reflects the challenges faced by the retail giant in adapting to changing market dynamics and consumer behavior, impacting its profitability and overall revenue.