On Friday, Hyosung Advanced Materials Corp. reported a third-quarter net profit of 2.8 billion won (US$2 million), representing a huge decrease of 89.3 percent from the same period last year.
The firm declared an operating profit of 35.7 billion won for the quarter, which is significantly lower than the 66.1 billion won posted in the same period in 2019. Sales also declined by 19.7 percent, amounting to 783.3 billion won.
The company’s earnings were far from the market expectations, which was 16.2 billion won based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.
(END)