Seoul: Kumho Petrochemical Co. announced a notable decrease in its second-quarter net income, which totaled 57.7 billion won (US$41.2 million), representing a 56.1 percent drop from the same period last year.

According to Yonhap News Agency, the company's operating profit for the April-June period was 65.2 billion won, marking a 45.3 percent decrease from the previous year. Additionally, sales saw a decline of 4.3 percent, amounting to 1.77 trillion won.

The reported earnings were below market predictions. Analysts' average estimate for net profit was 89.9 billion won, based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.