On Thursday, KT&G Corp. reported a second-quarter net profit of 199 billion won (US$153.3 million), a sharp 41.3 percent decrease from the same period the year prior.
The company’s filing also revealed that operating profit for the quarter was 242.9 billion won, a significant drop from the 327.6 billion won reported the year before. Sales also decreased by 5.7 percent to 1.33 trillion won.
The earnings were below market expectations, with the average estimate of net profit by analysts standing at 202 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
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