Seoul: Samsung E and A Co. has announced a 4.2 percent decline in its first-quarter net profit, amounting to 157.2 billion won (US$109.9 million), compared to the same period last year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the quarter was 157.3 billion won, a decrease from 209.4 billion won reported a year earlier. Additionally, the company's revenue saw a 12 percent drop, falling to 2.09 trillion won.
Despite the decrease in net income and revenue, the company's earnings exceeded market expectations. Analysts had predicted an average net profit of 145.7 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.