Seoul: Poongsan Corp., South Korea's leading producer of copper alloys and ammunition, reported its fourth-quarter net profit at 8.8 billion won (US$6.1 million), marking a decrease of 78.1 percent from the previous year.

According to Yonhap News Agency, the company revealed in a regulatory filing that its operating income for the October-December period surged 170.3 percent on-year to 91.5 billion won. Additionally, sales rose by 16 percent, reaching 1.42 trillion won.

The reported earnings fell short of market expectations. Analysts had estimated an average net profit of 64 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.