Hanwha Aerospace Q1 net profit down 99.3 pct to 3.1 bln won

SEOUL, Hanwha Aerospace Co. on Tuesday reported its first-quarter net profit of 3.1 billion won (US$2.2 million), down 99.3 percent from a year earlier. The company said in a regulatory filing that operating profit for the January-March period fell 83.2 percent on-year to 37.4 billion won. Revenue decreased 9.3 percent to 1.84 trillion won. The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 66.8 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Source: Yonhap News Agency