Seoul: Hyundai Rotem reported a second-quarter net income of 186.3 billion won (US$127 million), registering a decline of 1.7 percent compared to the same period last year.

According to Yonhap News Agency, the defense and railway equipment division of Hyundai Motor Group revealed in a regulatory filing that its operating profit for the quarter was 232.4 billion won, down from 257.6 billion won in the previous year. Despite the decrease in profits, the company saw a revenue increase of 13.3 percent, reaching 1.6 trillion won.

The reported earnings did not meet market expectations, as analysts had predicted a net profit of 209.5 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.