Seoul: Hanwha Systems on Monday reported a substantial net loss for the first quarter, amounting to 95.8 billion won (US$65.1 million), marking a sharp decline from a profit of 24.4 billion won in the same period last year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating income for the January-March period increased by 1.9 percent on-year to 34.3 billion won. Additionally, sales saw a rise of 17 percent, reaching 807.1 billion won.

The operating profit for the quarter was notably 43.2 percent lower than the average estimate, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. However, the estimate for net profit was not provided.