Seoul: Seah Besteel Holdings Corp. reported a second-quarter net profit of 18.3 billion won (US$13.2 million), marking a 60.7 percent decline from the previous year. The company announced its financial results on Thursday, highlighting a significant decrease in net profit.
According to Yonhap News Agency, the company's operating profit for the quarter was 44.6 billion won, down from 63.7 billion won a year earlier. Meanwhile, sales slightly decreased by 0.6 percent, totaling 964.5 billion won for the quarter.
The reported earnings fell short of market expectations, with analysts' average net profit estimate standing at 25.6 billion won. This estimate was based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.