Seoul:Hyundai Engineering & Construction Co., a subsidiary of Hyundai Motor Group, has announced a significant decline in its third-quarter net profit, totaling 46.4 billion won (US$34.7 million), marking a 31.6 percent decrease compared to the same period last year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the quarter was 221.7 billion won, an increase from 103.5 billion won a year ago. However, the company's revenue experienced a downturn, falling 20.3 percent to 6.24 trillion won.
The reported earnings fell short of market expectations, as analysts had anticipated a net profit of 96.5 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.