Seoul: HS Hyosung Advanced on Thursday reported its third-quarter net loss of 3.5 billion won (US$2.4 million), swinging from a profit of 2.6 billion won a year earlier. The company's financial performance reflects a significant downturn as compared to the same period last year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that it posted 19.3 billion won in operating profit for the quarter, a decrease from 44.7 billion won a year ago. Revenue also saw a decline, falling 3.4 percent to 801 billion won.

The operating profit was 50.3 percent lower than the average estimate, based on a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit for the quarter was not available, highlighting the unexpected nature of the report.