Korea: Korea Petrochemical Ind. Co. on Friday reported a net profit of 42.4 billion won (US$29.7 million) for the third quarter, marking a significant turnaround from a loss of 20.3 billion won in the same period the previous year. This shift to profitability was reflected in the company's operating income, which reached 42.8 billion won, compared with a loss of 28.6 billion won a year ago. Sales also increased by 33.3 percent, totaling 909.9 billion won.
According to Yonhap News Agency, the earnings exceeded market expectations. Analysts had predicted a net profit of 7.6 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. This positive financial performance highlights Korea Petrochemical's improved position in the market during the July-September period.