SEOUL – Samsung Engineering Co. reported a decrease in its fourth-quarter net profit for 2023. The company's net profit for the quarter stood at 112.4 billion won (US$84.6 million), showing a decline of 37.5 percent from the same period in the previous year.
According to Yonhap News Agency, The regulatory filing revealed that Samsung Engineering's operating profit for the quarter was 269.9 billion won, up from 214.5 billion won a year earlier. However, the revenue decreased by 3.8 percent to 2.82 trillion won. This performance fell short of market expectations, with analysts' average net profit estimate being 154.4 billion won, as per a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.