Seoul:LG CNS Co., an information technology affiliate of LG Group, announced a 21.1 percent decrease in its third-quarter net profit, totaling 83 billion won (approximately US$62 million), primarily affected by exchange rate fluctuations.
According to Yonhap News Agency, the company's regulatory filing revealed that despite the decline in net profit, LG CNS experienced a 15 percent increase in operating profit, amounting to 138.2 billion won during the July-September period. Additionally, sales saw a 9.3 percent rise, reaching 1.66 trillion won.
The earnings, however, did not meet market expectations. Analysts had projected an average net profit of 113.3 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.