Seoul: Poongsan Corp. on Tuesday reported its fourth-quarter net income of 40.3 billion won (US$27.7 million), marking a 9.5 percent increase from the same period last year.
According to Yonhap News Agency, the company announced in a regulatory filing that its operating profit for the quarter amounted to 33.9 billion won, a decrease from the previous year's 58 billion won. Meanwhile, sales experienced a growth of 10.3 percent, reaching 1.22 trillion won.
Despite the increase in net income, Poongsan's earnings did not meet market expectations. Analysts had projected a net profit of 69.5 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.