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Korea Aerospace Industries Q2 net profit down over 80 pct due to investment in new businesses
By YonhapPublished : Aug. 7, 2023 - 20:26
Korea Aerospace Industries Ltd. (KAI), South Korea's sole aircraft manufacturer, on Monday reported its second-quarter net profit plunged 80.3 percent from a year earlier mainly due to investment in new businesses.
Net profit for the three months ended in June was 9.9 billion won (US$7.6 million), according to the company's regulatory filing.
The operating income for the April-June period fell 75.6 percent on-year to 8.4 billion won, while sales increased 9.7 percent to 733.5 billion won.
KAI said its major businesses, including developing the country's homegrown KF-21 fighter jet, are doing okay, and its aircraft body business is recovering.
KAI added that it won contracts worth 247.9 billion won in the second quarter, up 85.8 percent from a year ago.
But the company said its operating profit decreased due to investment in new businesses, such as microsatellite development, and the cost to expand the country's helicopter market. (Yonhap)
