SEOUL– Kiwoom Securities Co. on Tuesday reported its third-quarter net income of 124.1 billion won (US$89.6 million), down 46.9 percent from a year earlier.

Operating profit for the July-September period was 179.2 billion won, down 44.2 percent from a year ago, the company said in a regulatory filing. Sales rose 105.2 percent to 2.67 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 120 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency