Seoul: HL Mando Co. on Friday reported a first-quarter net profit of 34.6 billion won (US$24.1 million), marking a significant decline of 76.2 percent from the same period last year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that despite the net income drop, operating income for the January-March period experienced a modest increase of 4.7 percent year-on-year, reaching 79.2 billion won. Additionally, sales saw an uptick of 7.8 percent, amounting to 2.27 trillion won.
The reported earnings fell below market forecasts, with analysts having predicted an average net profit of 42.2 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.