Hanwha Galleria Time World, an operating loss of credibility down, considering the profitability decrease

[Korea goyounghun financial newspaper reporter] said, consider a credit rating downgrade on the deterioration of the profitability Korea Ratings is 17 days and Hanwha Galleria, Hanwha Galleria Time World.

Last year, sales of Hanwha Galleria Time World's grew 68.6% YoY to 168.9 billion won to 284.8 billion won, operating profit of 15.6 billion won deficit a year-on-year transition -123 million.

Korea Ratings is operating profit increased advertising and mogaek fees to increase revenue earnings recorded in the newly opened Duty Free Galleria in downtown Seoul, but 63 is increased compared to the previous year, duty-free shops to attract customers and sales explained that a deficit. If followed by stabilization and duty-free investment business in the city is expected to be bogged decrease of profitability and debt coverage indicators that can be analyzed considering the rating downgrade Hanwha Galleria Time World.

Korea Ratings times because the researchers "had promoted in Seoul duty free business as a strategic, competitive gotta intensified in duty-free shops increased major peers assortment a hat Garda" and "had stayed at 50% compared to last year's sales plan performance due to SG & A expenses increased the poor and increased working capital increases, debt to capital expenditure on the expansion of inventory purchases, "he said diagnosis.

Fold researchers dwaetjiman "Given the consolidated department store earnings trend and outlook of Hanwha Galleria, department stores are concerned about whether you can alleviate the financial burden of Duty poor performance," said "Last year, the department store industry a slight recovery abroad fastball etc. Given the growth and changes in consumption patterns, including commercial competition of alternative distribution channels, will not be easy to compensate for operating losses of the duty-free sector, "predicts said.



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