Hyosung Advanced Materials Reports Q3 Net Profit Drop of 89.3% to 2.8 Billion Won

Seoul, South Korea-Hyosung Advanced Materials Corp. disclosed on Friday a dramatic decline in its third-quarter net profit, recording 2.8 billion won (approximately US$2 million), an 89.3% decrease compared to the same quarter last year.

According to a new release by Yonhap News Agency, the operating profit for the quarter was 35.7 billion won, down from 66.1 billion won a year earlier. Sales for the quarter also fell 19.7% to 783.3 billion won. The figures lagged behind market expectations. Analysts had predicted an average net profit of 16.2 billion won, according to a survey by Yonhap Infomax, the financial data subsidiary of Yonhap News Agency.

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