SEOUL: LS Electric Co. announced that its net income for the third quarter declined by 13.5 percent to 35.1 billion won (US$25.4 million), compared to the same period last year. The South Korean company disclosed these figures in a regulatory filing, indicating a challenging quarter for the electrical equipment manufacturer.
According to Yonhap News Agency, LS Electric’s operating income for the July-September period also saw a decrease, falling 5.2 percent on-year to 66.5 billion won. Additionally, the company’s revenue experienced a slight dip of 0.1 percent, amounting to 1.02 trillion won. The financial results did not meet market expectations, as analysts surveyed by Yonhap Infomax had anticipated a net profit of 49.2 billion won.
The reported figures reflect a difficult economic environment for LS Electric, as it navigates through declining profits and revenues. The shortfall in earnings highlights the challenges faced by the company amidst fluctuating market conditions and changing consumer demands.