(LEAD) Korea Aerospace Q1 net falls 19 pct on delayed delivery
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SEOUL, May 8 (Yonhap) -- Korea Aerospace Industries, Ltd. (KAI), South Korea's sole aircraft manufacturer, said Monday its first-quarter net profit fell 19 percent from a year earlier due to a delayed delivery of fighter jets.
Net profit for the three months ended in March fell to 29.7 billion won (US$22.5 million) from 36.8 billion won during the same period of last year, the company said in a regulatory filing.
The net result was affected by a delayed delivery of FA-50 fighter jets to Poland, a KAI spokeswoman said over the phone.
KAI was scheduled to deliver 12 FA-50 fighter jets to Poland's air force in the first quarter as part of its US$3 billion contract with the European country to export 48 FA-50 fighter jets. But the delivery will be made in the third quarter, she explained.
Operating profit plunged 51 percent on-year to 19.4 billion won in the first quarter from 39.2 billion won. Sales were down 11 percent to 568.7 billion won from 640.7 billion won.
This file photo, taken Oct. 20, 2021, shows an FA-50 light attack aircraft flying over Seongnam, south of Seoul. (Yonhap)
kyongae.choi@yna.co.kr
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