April 20, 2024

• 

[THE INVESTOR] Hanwha Galleria Timeworld has missed second-quarter earnings expectations, said Korea Investment and Securities on Aug. 6, maintaining a “hold” recommendation while not suggesting a target price.

It turned to black from a year ago but with 93 million won (US$82,725) operating profit in the period, failed to meet the 3.6 billion won market consensus. The duty-free sector remained in the red despite growth in both size and profits, said analyst Choi Min-ha.

Revenue from its downtown duty-free store hiked over 40 percent on the back of burgeoning domestic market but failed to reach break-even point. The retailer will need quite some time to turn around due to slow improvement, forecast the analyst. 

By Hwang You-mee (glamazon@heraldcorp.com)