Seoul: Hyundai Glovis Co., one of South Korea's leading logistics companies, announced on Thursday a significant decline in its second-quarter net income, which fell by 26.7 percent to 369.2 billion won (US$251.7 million) compared to the previous year.

According to Yonhap News Agency, the company's operating income for the April-June period was reported at 495.1 billion won, marking an 8.1 percent decrease from the same period last year. Despite these declines, Hyundai Glovis saw sales rise by 15.8 percent, reaching 8.7 trillion won.

The company's earnings did not meet market expectations, as analysts had predicted a higher net profit. The average estimate, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency, was 400.6 billion won.