Seoul: Lotte Fine Chemical Co. on Tuesday announced its net income for the first quarter, reporting a figure of 28.4 billion won (US$19.7 million), representing a 65.9 percent decrease compared to the same period last year. Despite the drop in net income, the company's operating income for the January-March period showed a significant increase of 74.1 percent, amounting to 18.8 billion won. Additionally, revenue during this period rose by 11.6 percent to reach 445.6 billion won.
According to Yonhap News Agency, the company's earnings surpassed market expectations, as the average net profit estimate by analysts was 26.7 billion won. This estimate was derived from a survey conducted by Yonhap Infomax, the financial data subsidiary of Yonhap News Agency.