SEOUL: Hyundai Department Store Co. on Thursday reported a sharp decline in its third-quarter net profit, which fell by 54.8 percent to 28.4 billion won (US$20.3 million) compared to the same period last year. According to Yonhap News Agency, the company's operating profit for the July-September period also saw a decrease of 12.7 percent year-on-year, landing at 64.6 billion won. Despite the drop in profits, Hyundai Department Store experienced a modest increase in revenue, which rose by 3.2 percent to reach 1.03 trillion won. The financial results fell short of market expectations, as analysts had projected a net profit average of 49.5 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.