Seoul: Hyundai Department Store Co. has announced a second-quarter net profit of 60.8 billion won (US$42.6 million), marking an 11.6 percent increase from the same period last year. This rise in profits comes despite a decline in operating income and revenue during the same quarter.

According to Yonhap News Agency, Hyundai Department Store's operating income for the April-June period was reported at 79.3 billion won, reflecting an 8.7 percent decrease compared to the previous year. Additionally, the company's revenue experienced a slight decline of 1.1 percent, totaling 1.06 trillion won. Hyundai operates a range of businesses including high-end department stores, premium outlets, an online store, and the home interior brand Livart.

The company's earnings surpassed market expectations, with analysts' average net profit estimate being 54 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.