Seoul: Samsung SDI Co. on Wednesday announced a significant drop in its third-quarter net profit, recording 230.4 billion won (US$166.6 million), a decrease of 63 percent from the previous year. The South Korean battery manufacturer revealed these figures in a regulatory filing, highlighting a challenging quarter for the company.
According to Yonhap News Agency, the company’s operating profit for the quarter stood at 129.9 billion won, a sharp decline from 465.2 billion won reported a year ago. Additionally, Samsung SDI’s revenue experienced a 29.8 percent decrease, totaling 3.93 trillion won for the quarter.
The financial results fell short of market expectations, as analysts had projected a net profit of 254.8 billion won, based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency. The substantial gap between actual and expected profits underscores the challenges faced by the company in the current economic climate.