Accra:Seoul LS Electric Co., a prominent South Korean provider of power device solutions, announced a significant increase in its third-quarter net income, reaching 142.8 billion won (US$107.6 million), which marks a 116.8 percent rise from the previous year.
According to Yonhap News Agency, the company revealed in a regulatory filing that its operating income for the July-September quarter surged by 131.7 percent year-on-year to 233.5 billion won. Additionally, LS Electric's sales grew by 54.4 percent, totaling 1.87 trillion won.
Despite these substantial gains, the company's earnings did not meet market expectations. Analysts had predicted an average net profit of 148.5 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.