Seoul: GS Retail Co. announced a significant decrease in its first-quarter net income, reporting a figure of 4.8 billion won (US$3.4 million), representing an 87.6 percent drop from the previous year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the quarter was 38.7 billion won, down from 49.7 billion won a year earlier. Despite the decline in profit, GS Retail's revenue saw a modest increase of 2.2 percent, reaching 2.76 trillion won.
The reported earnings fell short of market expectations, as analysts had predicted a net profit of 16.5 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.