Samsung Electro-Mechanics Co. on Wednesday reported its first-quarter net income of 118.1 billion won (US$88.4 million), down 63.3 percent from a year earlier.
The company said in a regulatory filing that it posted 140.1 billion won in operating profit for the quarter, compared with 410.5 billion won a year ago. Revenue fell 22.7 percent to 2.02 trillion won.
The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 104.7 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Source: Yonhap News Agency