Seoul: Samsung C and T Corp. announced on Wednesday that its net profit for the third quarter was recorded at 560 billion won (US$405.4 million), marking a 20.1 percent decrease from the same period last year. The company attributed this downturn to a combination of factors affecting its financial performance during the July-September period.
According to Yonhap News Agency, the company’s operating income also saw a decline, dropping 11.3 percent year-on-year to 736.2 billion won. Additionally, sales were reported to have decreased by 6 percent, totaling 10.3 trillion won for the third quarter. Despite these declines, the earnings were in line with market expectations, as analysts had projected a net profit of 560 billion won based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.