Seoul: South Korean auto parts maker Hyundai Wia Corp. reported a significant drop in its second-quarter net income, revealing a 62.1 percent decrease to 17.3 billion won (US$12.6 million) compared to the previous year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that despite the decline in net income, its operating income for the April-June period saw a slight increase of 2.1 percent year-on-year, reaching 56.3 billion won. Additionally, the company's sales rose by 3 percent, totaling 2.17 trillion won.
The reported earnings were below market expectations, with analysts estimating an average net profit of 31.2 billion won. This estimate was based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.