Seoul: Korea Aerospace Industries Ltd. (KAI), South Korea's sole aircraft manufacturer, reported its first-quarter net profit of 29.2 billion won (US$20.6 million), which represents a 17 percent decrease compared to the same period last year.

According to Yonhap News Agency, the company's regulatory filing indicated that its operating income for the January-March period saw a 2.5 percent year-on-year decline, amounting to 46.8 billion won. Additionally, KAI's revenue decreased by 5.5 percent, totaling 699.3 billion won during the first quarter.

The financial performance of Korea Aerospace Industries did not meet market expectations. Analysts' average estimate for the company's net profit was 44.4 billion won, as per a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.