On Tuesday, Poongsan Corp. announced that its third-quarter net income amounted to 20.5 billion won (US$15.2 million), representing a decrease of 12.1 percent from the same period last year.
The company reported an operating profit of 31.9 billion won for the quarter, compared to 29.9 billion won in the year prior. Revenue, meanwhile, dropped by 9.5 percent to 930.8 billion won.
The results missed market expectations, with analysts’ average estimate of net profit standing at 27.2 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
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