Seoul: Pan Ocean Co. on Monday reported its third-quarter net profit of 57.9 billion won (US$40.5 million), marking a 55.8 percent decline from the same period last year.

According to Yonhap News Agency, the company announced in a regulatory filing that its operating profit for the quarter reached 125.2 billion won, a slight decrease from the 128.1 billion won recorded a year ago. Additionally, Pan Ocean's revenue saw a marginal drop of 0.6 percent, totaling 1.26 trillion won.

The results fell short of market expectations, with analysts predicting an average net profit of 90.2 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.