Seoul:HD Construction Equipment Co. reported a significant decline in its third-quarter net profit, amounting to 1.8 billion won (US$1.4 million), reflecting a 95.7 percent decrease from the same period last year.
According to Yonhap News Agency, despite the drop in net income, the company, affiliated with the HD Hyundai conglomerate, saw its operating profit for the July-September quarter surge by 182.6 percent on-year, reaching 157.7 billion won. The company's revenue also experienced a substantial increase of 119.1 percent, totaling 2.09 trillion won.
The operating profit fell short of expectations, being 6.6 percent lower than the average estimate from a survey conducted by Yonhap Infomax, a financial data firm under Yonhap News Agency. However, an estimate for the net profit was not available.