Seoul: GS E and C on Thursday reported a first-quarter net profit of 10.7 billion won (US$7.2 million), marking a 22 percent decrease from the same period last year.

According to Yonhap News Agency, the company's operating profit for the January to March period rose by 4.4 percent to 73.5 billion won. However, sales experienced a decline of 21.6 percent, falling to 2.4 trillion won. These figures were disclosed in a regulatory filing by the construction firm.

The reported earnings did not meet market expectations. Analysts had projected an average net profit of 70.9 billion won, based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.