Seoul: KCC Corp. on Friday reported its first-quarter net income of 44.1 billion won (US$31 million), representing a sharp decline of 90.4 percent from the same period last year. The significant drop in net profit marks a challenging start to the financial year for the company.

According to Yonhap News Agency, KCC Corp. disclosed in a regulatory filing that its operating profit for the January-March period witnessed a decrease of 3.2 percent on-year, settling at 103.4 billion won. Despite the downturn in profits, KCC's sales saw a slight increase of 0.7 percent, reaching 1.59 trillion won. The financial results highlight the mixed performance across the company's operations during the first quarter.