Seoul: HL Mando Co., a South Korean auto parts manufacturer, on Thursday reported its third-quarter net profit of 49.2 billion won (US$34.5 million), turning from a loss of 49.2 billion won a year earlier. The company highlighted a significant financial turnaround compared to the previous year's performance.
According to Yonhap News Agency, the company said in a regulatory filing that it posted 94.2 billion won in operating profit for the quarter, an increase from 82.5 billion won a year ago. Revenue also saw an increase of 6.9 percent, reaching 2.32 trillion won.
The earnings surpassed market expectations, as the average estimate of net profit by analysts was 46.5 billion won, based on a survey by Yonhap Infomax, the financial data division of Yonhap News Agency.