SEOUL - GS Retail Co. announced a significant rise in its third-quarter net profit. The company reported a 71.9 billion won (US$55 million) net profit, marking a 79.1 percent increase from the same period last year.
According to Yonhap News Agency, GS Retail's operating profit for the quarter reached 126.8 billion won, up from 87.6 billion won a year ago, while sales rose by 4.5 percent to 3.09 trillion won.
Despite the positive growth, the earnings fell short of market expectations. Analysts had predicted an average net profit of 73.5 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.