Seoul: Hanssem Co. on Monday announced a significant decline in its second-quarter net profit, reporting earnings of 4.8 billion won (US$3.4 million), which marks an 85.2 percent decrease compared to the same period last year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the quarter increased to 11.3 billion won, up from 2.3 billion won the previous year. However, this improvement in operating profit was overshadowed by a decline in sales, which fell by 9.2 percent to 417.2 billion won.

The substantial drop in net income comes amid challenging market conditions and reflects the company's ongoing struggles to maintain its financial performance. The figures indicate a mixed financial outlook, with some gains in operating profit being counteracted by a broader decline in revenue.