Seoul: HD Hyundai Electric Co., a South Korean electric equipment manufacturer, announced a 12 percent decrease in its second-quarter net profit, totaling 141.9 billion won (US$102.3 million). This marks a decline from the previous year's performance during the same period.
According to Yonhap News Agency, the company's regulatory filing revealed an operating profit of 209.1 billion won for the quarter, slightly down from 210.1 billion won a year earlier. Sales also saw a slight dip, falling by 1.2 percent to 906.2 billion won.
The reported earnings did not meet market analysts' expectations. Analysts surveyed by Yonhap Infomax, a financial data firm under Yonhap News Agency, had projected a net profit estimate of 160.1 billion won, highlighting the company's shortfall in meeting anticipated financial targets.