Seoul: HL Mando Co., a South Korean auto parts manufacturer, on Thursday reported its fourth-quarter net income of 29.1 billion won (US$19.8 million), marking a 41.7 percent decrease from the previous year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the October-December period declined by 28.2 percent year-on-year to 79.7 billion won. Despite the decrease in profit, sales saw a slight increase of 1.6 percent, reaching 2.46 trillion won.

The earnings report did not meet market expectations. Analysts had estimated an average net profit of 47.4 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency.