Poongsan-Q3 earnings

Poongsan Q3 net profit down 62.1 pct to 23.3 bln won

SEOUL, Oct. 27 (Yonhap) -- Poongsan Corp. on Thursday reported its third-quarter net income of 23.3 billion won (US$16.4 million), down 62.1 percent from a year earlier.

The company said in a regulatory filing that operating income for the July-September period fell 63 percent on-year to 29.9 billion won. Revenue increased 16.2 percent to 1.02 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 20.9 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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