Seoul: LG Innotek Co. has announced a significant drop in its fourth-quarter net income, reporting 106.9 billion won (US$74.3 million), a decrease of 69.5 percent from the previous year. The figures were revealed in a regulatory filing on Wednesday.

According to Yonhap News Agency, the company's operating profit for the October to December period also experienced a decline, falling 48.8 percent year-on-year to 247.9 billion won. Additionally, the company's revenue saw a downturn, decreasing 12.3 percent to 6.62 trillion won during the same period.

The reported earnings were below market expectations, as analysts had projected an average net profit of 152.5 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.