Seoul: F and F Co. reported a first-quarter net profit of 83 billion won (US$57.7 million), marking a 13.8 percent decrease from the same period last year. The company's financial results were announced through a regulatory filing on Tuesday.
According to Yonhap News Agency, the company recorded an operating profit of 123.6 billion won for the quarter, down from 130.2 billion won a year earlier. Additionally, sales experienced a slight decline of 0.3 percent, totaling 505.6 billion won.
The earnings results did not meet market expectations, as analysts had projected a net profit of 96 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.