Seoul:KAI, South Korea's sole manned aircraft manufacturer, announced a significant decrease in its third-quarter net profit. The company reported a net income of 19 billion won (US$14.2 million), marking a 51.3 percent decline compared to the same period last year.
According to Yonhap News Agency, despite the drop in net income, KAI's operating profit for the July-September period increased by 31.9 percent, reaching 79.4 billion won. Additionally, the company's sales surged by 51.6 percent, totaling 1.06 trillion won.
The reported earnings did not meet market expectations, as analysts had projected an average net profit of 45 billion won based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.