[Alpha Biz=(Chicago) Reporter Kim Jisun] Hansae Industrial, which announced its "surprise performance" last year, announced its goal of "2 trillion won in sales in 2024," but market watchers say it will not be easy to achieve it in reality. Sales and operating profit have also been on the decline.

Hansae Industrial announced on the 13th that it recorded consolidated sales of 512 billion won in the third quarter. The figure is down about 8.3 percent from 558.3 billion won in sales during the same period last year. In the third quarter of this year, cumulative sales amounted to 1.353 trillion won, down 24% from the same period last year.

Operating profit in the third quarter was 60.6 billion won, down 7.5% from 65.5 billion won during the same period.

The cash flow from business activities was also sluggish this year.

By the third quarter, Hansae Industrial generated KRW 243.9 billion in cash from its operations, down 19.3% from KRW 302.6 billion a year earlier.

Cash and cashable assets also fell more than half (51.4%) from 280.4 billion won to 136.2 billion won.

Kim Ik-hwan, vice chairman of Hansae Co., who is the "second-generation owner of Hansae Group" as the second son of Kim Dong-nyeong, chairman of Hanseyes24 Holdings, has set 2 trillion won in sales and 180 billion won in operating profit for next year.

Hansae Industrial recorded the highest performance last year with sales of 2.2 trillion won.

However, due to the nature of Hansae Co., which operates Original Equipment Manufacturing (OEM) and Original Equipment Manufacturing (ODM) businesses, it is expected that it will be difficult to achieve its goal of recovering 2 trillion won in annual sales this year as well as next year due to slowing U.S. consumer sentiment.

 

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