SEOUL, SOUTH KOREA - Kumho Petro Chemical Co. announced a decrease in its net profit for the first quarter, reporting 102.6 billion won ($75.5 million), a 24.9 percent drop from the previous year. The company disclosed these figures in a regulatory filing on Tuesday.
According to Yonhap News Agency, the company's operating profit for the quarter stood at 78.6 billion won, down from 132 billion won a year earlier. Revenue also declined by 3.1 percent to 1.66 trillion won. Despite the downturn, the results surpassed analyst expectations, who had projected a net profit of 75.1 billion won, as surveyed by Yonhap Infomax, a financial data firm affiliated with Yonhap News Agency.