Seoul, South Korea Hyosung TNC Corp. announced a notable shift in its financial performance, moving from a loss to a profit in the third quarter of this year.
According to a new release by Yonhap News Agency, The firm reported a third-quarter net income of 5.9 billion won (US$4.4 million), a marked contrast to a loss of 122.1 billion won in the same period last year.
The company also disclosed that its operating profit for the July-September period stood at 50.6 billion won, compared to a loss of 110.8 billion won a year ago. However, sales saw a decline, falling 9.1 percent to 1.96 trillion won.
Despite the turnaround, Hyosung TNC's earnings did not meet market expectations. According to a survey by Yonhap Infomax, the financial data arm of Yonhap News Agency, analysts had expected an average net profit of 28.9 billion won for the company.