Seoul: Lotte Chilsung Beverage Co. has announced a significant decline in its third-quarter net income, reporting a figure of 44.5 billion won (US$32.3 million), marking a 34.4 percent decrease compared to the same period last year.

According to Yonhap News Agency, the company’s operating income for the July-September period was 78.7 billion won, reflecting a decrease of 6.6 percent year-on-year. Despite these declines, the company’s revenue saw an increase of 28.3 percent, reaching 1.06 trillion won.

The reported earnings did not meet market expectations, as analysts had estimated an average net profit of 51.3 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.