Ssangyongc&E. Q2 Net Income Drops 46% to 21 Billion Won

Yonhap News

SEOUL, Aug. 3 (Yonhap) — Ssangyongc&E. Co. announced on Thursday that its second-quarter net income was 21 billion won (US$16.2 million), a decrease of 46 percent compared to the same period last year.

Operating profit for the April-June period was 49.3 billion won, a decline of 5.3 percent year-on-year. Sales, however, rose 14.3 percent to 555.7 billion won.

The operating profit was 7.6 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The net profit estimate was not available.

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