Seoul:HD Hyundai Marine Solution Co. announced a significant decrease in its third-quarter net income, reporting a net profit of 32.6 billion won (approximately US$24.7 million). This marks a 59.1 percent decline compared to the same period last year.

According to Yonhap News Agency, the company, which specializes in after-market marine engineering refit services, revealed in a regulatory filing that its operating profit for the quarter was 95.7 billion won, slightly up from 93.6 billion won a year earlier. Additionally, sales increased by 26.7 percent, reaching 650.1 billion won.

Despite the increase in operating profit and sales, the company's earnings were below market expectations. Analysts had predicted an average net profit of 82.1 billion won, based on a survey conducted by Yonhap Infomax, the financial data subsidiary of Yonhap News Agency.