Seoul: LS Electric Co., a South Korean electric equipment manufacturer, reported a significant increase in its third-quarter net income, reaching 65.9 billion won (US$46.1 million), marking an 87.6 percent rise from the previous year.
According to Yonhap News Agency, the company detailed in a regulatory filing that its operating profit for the quarter amounted to 100.8 billion won, up from 66.5 billion won in the same period last year. Sales also saw an increase, rising 19.1 percent to 1.21 trillion won.
Despite these gains, LS Electric's earnings did not meet market expectations. Analysts, as surveyed by Yonhap Infomax, had anticipated a net profit of 72.2 billion won.