Hanon Systems on Thursday reported its first-quarter net profit of 10.1 billion won (US$7.4 million), down 77.6 percent from a year earlier.
The company said in a regulatory filing that it posted 65.3 billion won in operating profit for the quarter, compared with 60.2 billion won a year ago. Sales rose 2.7 percent to 2.4 trillion won.
The earnings fell short of market expectations. The average estimate of net profit by analysts stood at 25.5 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Source: Yonhap News Agency