Seoul: LIG Nex1 Co. has announced a substantial increase in its second-quarter net income, reporting a profit of 100.6 billion won (US$72.9 million), which reflects a 120.1 percent rise compared to the same period last year.
According to Yonhap News Agency, the defense company detailed in a regulatory filing that its operating profit for the April to June quarter climbed 58 percent year-on-year to 77.6 billion won. The company's sales also saw a significant boost, increasing by 56.3 percent to reach 945.4 billion won.
Despite the positive growth in operating profit, it was noted that this figure fell 16.9 percent short of the average estimate provided by a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency. However, the estimate for net profit was not disclosed.