Seoul: LG Innotek Co. announced a significant drop in its first-quarter net profit, reporting 85.6 billion won (US$60.1 million), marking a 38.2 percent decline compared to the same period last year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating income for the January-March period decreased by 28.9 percent year-on-year to 125.1 billion won. Despite this decline in profitability, the company's revenue saw an increase of 15 percent, reaching 4.98 trillion won.
The operating profit was 3.3 percent below the average estimate, as per a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency. However, an estimate for the net profit was not provided.