Seoul:Cheil Worldwide Inc., South Korea's leading marketing and advertising agency, announced a significant decrease in its third-quarter net profit on Friday, reporting a total of 45.6 billion won (US$34.2 million). This figure represents a 29.7 percent decline compared to the same period last year.
According to Yonhap News Agency, the company's operating income for the July-September quarter also saw a reduction, falling 19.7 percent year-on-year to 77 billion won. Additionally, sales dropped by 12.6 percent, amounting to 1.03 trillion won during this period.
The reported earnings did not meet market forecasts. Analysts had anticipated an average net profit of 52.2 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.