Seoul: Samsung Electro-Mechanics Co. has announced a significant decline in its second-quarter net profit, reporting a total of 137.2 billion won (approximately US$98.6 million), which marks a 24.3 percent decrease from the previous year. This financial update was released by the company on Thursday.
According to Yonhap News Agency, Samsung Electro-Mechanics revealed in a regulatory filing that while the net profit saw a decline, the operating profit for the April-June period experienced a slight increase of 0.7 percent year-on-year, settling at 213 billion won. Additionally, the company's revenue for the same period rose by 8.2 percent, reaching 2.78 trillion won.
Despite these increases in operating profit and revenue, the company's earnings fell short of market expectations. Analysts, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency, had projected an average net profit estimate of 171.6 billion won.