Seoul: BGF Retail Co. on Tuesday announced a 12.4 percent rise in its fourth-quarter net income, reaching 43.4 billion won (US$29.9 million) compared to the previous year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating income for the October-December period increased by 1 percent to 51.6 billion won. Additionally, the company's revenue saw an 8.6 percent growth, amounting to 2.21 trillion won during this period.
Despite the positive growth in net income and revenue, the earnings did not meet market expectations. Analysts had anticipated a higher net profit, with an average estimate of 54.6 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.