Seoul: Hyosung TNC Corp., a South Korean textile manufacturer, announced a significant drop in its third-quarter net profit, recording 15.7 billion won (US$11 million), a 43.3 percent decrease compared to the same period last year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that it achieved an operating profit of 56.1 billion won for the quarter, down from 67.6 billion won a year earlier. Despite the drop in profit, the company experienced a 3.8 percent increase in revenue, reaching 2 trillion won.
The reported operating profit fell short of market expectations, being 16.7 percent lower than the average estimate from a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. However, the specific estimate for net profit was not provided.