Seoul: Hyundai Engineering and Construction (E and C) Co. on Tuesday reported its first-quarter net income of 166.7 billion won (US$116 million), marking a 20 percent decrease from the previous year.
According to Yonhap News Agency, the company revealed in a regulatory filing that its operating profit for the quarter was 213.7 billion won, down from 250.9 billion won a year earlier. Additionally, sales saw a decline of 12.8 percent, totaling 7.45 trillion won for the quarter.
Despite the dip in profits, the company's earnings surpassed market expectations. Analysts had projected an average net profit of 119.7 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.