Seoul:Hyundai Rotem announced a third-quarter net profit of 178 billion won (US$133.6 million), marking a 10.3 percent decrease compared to the same period last year.
According to Yonhap News Agency, the company, which is part of the Hyundai Motor Group and specializes in defense and railway equipment, also reported that its operating profit for the July-September quarter dropped by 11 percent year-on-year to 247.1 billion won. In contrast, sales experienced a slight increase of 0.1 percent, reaching 1.62 trillion won.
The results fell below market expectations, as analysts had predicted an average net profit of 219.2 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.