Seoul: Cosmax Inc. on Monday reported its second-quarter net income of 21.8 billion won (US$15.7 million), marking a significant decline of 38.1 percent from the previous year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that it achieved an operating profit of 60.8 billion won for the quarter, up from 46.7 billion won a year earlier. During the same period, sales experienced a growth of 13.1 percent, reaching 623.6 billion won.

Despite the increase in operating profit and sales, the earnings did not meet market expectations. Analysts had projected an average net profit of 37.3 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.