SEOUL, Shinsegae Inc. on Wednesday reported its third-quarter net income of 61.8 billion won (US$47.4 million), down 34.6 percent from a year earlier.
The company said in a regulatory filing that operating income for the July-September period fell 13.9 percent on-year to 131.8 billion won. Sales decreased 23.4 percent to 1.49 trillion won.
The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 66.7 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Source: Yonhap News Agency