Seoul: Hyosung TNC Corp., a South Korean textile manufacturer, reported a significant decline in its second-quarter net profit, which fell by 58.8 percent to 21.4 billion won (US$15.5 million) compared to the same period last year.
According to Yonhap News Agency, the company's operating income for the April-June period also saw a decline, dropping 13.4 percent from a year earlier to 73.3 billion won. Additionally, the company's revenue decreased by 4.7 percent, totaling 1.88 trillion won.
The financial results fell short of market expectations, as analysts had anticipated a net profit of 43 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.