Korea Aerospace Industries, Ltd. (KAI), South Korea's sole aircraft manufacturer, said Monday its first-quarter net profit fell 19 percent from a year earlier due to a delayed delivery of fighter jets.
Net profit for the three months ended in March fell to 29.7 billion won (US$22.5 million) from 36.8 billion won during the same period of last year, the company said in a regulatory filing.
The net result was affected by a delayed delivery of FA-50 fighter jets to Poland, a KAI spokeswoman said over the phone.
KAI was scheduled to deliver 12 FA-50 fighter jets to Poland's air force in the first quarter as part of its US$3 billion contract with the European country to export 48 FA-50 fighter jets. But the delivery will be made in the third quarter, she explained.
Operating profit plunged 51 percent on-year to 19.4 billion won in the first quarter from 39.2 billion won. Sales were down 11 percent to 568.7 billion won from 640.7 billion won.
Source: Yonhap News Agency