KT&G Corp. on Thursday reported its second-quarter net profit of 199 billion won (US$153.3 million), down 41.3 percent from a year earlier.
The company said in a regulatory filing that it posted 242.9 billion won in operating profit for the quarter, compared with 327.6 billion won a year ago. Sales fell 5.7 percent to 1.33 trillion won.
The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 202 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Source: Yonhap News Agency