Seoul, South Korea – HL Mando Co., a South Korean automotive parts company, revealed substantial declines in its third-quarter net income, which fell to 19.3 billion won from the previous year, reflecting an 85.8 percent drop.
According to a new release by Yonhap News Agency, HL Mando posted an operating profit of 81.5 billion won for the third quarter, showing a minor increase from the 76.6 billion won recorded a year ago. Revenue for the quarter also rose by 7.7 percent to 2.11 trillion won.
Despite the rise in operating profit and revenue, the company's third-quarter earnings missed market expectations. The average net profit estimate by analysts was 47.5 billion won, according to a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.
The significant drop in net profit coupled with the failure to meet analysts' expectations poses questions about the company's future financial performance and market positioning.