Seoul:Hyundai Autoever Corp. has announced a net income of 44.9 billion won (US$33.6 million) for the third quarter, marking a 14.9 percent decrease from the same period last year.
According to Yonhap News Agency, the mobility software company, which is part of South Korea's Hyundai Motor Group, detailed in a regulatory filing that its operating income for the July-September period reached 68.9 billion won, representing a 2.6 percent decline from the previous year. However, the company's revenue showed a significant increase of 16.2 percent, totaling 1.22 trillion won.
Despite the revenue growth, Hyundai Autoever's third-quarter earnings did not meet market expectations. Analysts had projected an average net profit of 57.9 billion won, as reported by a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.