HB Investment reported its revenue and operating profit for the first quarter of this year at 2.37 billion won and 360 million won, respectively, on the 15th. This marks a decrease of 51.8% and 83.6%, respectively, compared to the same period last year. The net profit for the period was 440 million won, down 76.2% from the same period last year.
An official from HB Investment noted, "The management fee increased by about 600 million won compared to the same period last year due to the formation of new funds," and explained, "The equity evaluation profit decreased by about 1.2 billion won during the same period due to the sluggish domestic securities market, which was a major cause of the decline in performance."
He added, "Although the performance fee for this quarter decreased by 1.9 billion won compared to the same period last year due to fund liquidation, there are many promising portfolios ahead of initial public offerings within the year, so long-term recovery performance is expected to be solid."
HB Investment holds several portfolio companies expected to go public in the second half of the year, including d'Alba Global, which is set to be listed on the Korea Composite Stock Price Index (KOSPI) on the 22nd. As four companies plan to file for preliminary examination for listing in the second half of the year, it is anticipated that the results of capital recovery will begin in earnest this year.
HB Investment CEO Hwang Yoo-sun said, "We are currently managing assets worth 691.8 billion won and are accelerating fundraising with the goal of establishing new funds worth over 150 billion won by the end of the year." HB Investment was recently selected as the final operator in a bid project promoted by the Korea Development Bank in partnership with Shinhan Asset Management.