Hanon Systems Q1 net income down 62.9 pct. to 22.3 bln won

SEOUL, May 11 (Yonhap) -- Hanon Systems on Wednesday reported its first-quarter net profit of 22.3 billion won (US$17.5 million), down 62.9 percent from a year earlier.

Operating profit for the January-March period was 30.5 billion won, down 67.6 percent from a year ago, the company said in a regulatory filing. Sales rose 5.9 percent to 1.98 trillion won.

The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 24 billion won, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
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