Seoul: LIG Defense and Aerospace (DandA) Co. announced on Thursday that its net profit for the second quarter amounted to 78.2 billion won (approximately US$55.1 million), marking a 24.4 percent decrease compared to the same period last year.

According to Yonhap News Agency, the company, known for manufacturing smart munitions, surveillance equipment, and drones, revealed in a regulatory filing that its operating profit for the April to June period saw a 29.5 percent increase from the previous year, reaching 105.7 billion won. Revenue for the quarter also grew, recording a 17.4 percent rise to 1.11 trillion won.

Despite these figures, the earnings did not meet market expectations. Analysts had predicted an average net profit of 101.6 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.