LG Innotek Co. on Wednesday reported its fourth-quarter net income of 203.9 billion won (US$165.6 million), down 22.3 percent from a year earlier.

The company said in a regulatory filing that it posted 170 billion won in operating profit for the quarter, compared with 429.8 billion won a year ago. Revenue rose 14.4 percent to 6.54 trillion won.

The operating profit was 49.1 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available.

Source: Yonhap News Agency