The defense corporation Poongsan's stock price is falling on the 1st. This is attributed to the announcement of performance that fell short of market expectations.
According to the Korea Exchange, as of 9:40 a.m. on the day, Poongsan is trading at 140,600 won, down 20,200 won (12.56%) from the previous trading day.
On this day, Poongsan reported that its consolidated operating profit for the second quarter was 93.593 billion won, a decrease of 42% compared to the same period last year. Sales during the same period were revealed to have increased by 4.9% to 1.293963 trillion won. The net profit for the period was estimated to have decreased by 42.3% to 64.2 billion won.
This falls below market expectations. According to financial information provider FnGuide, Poongsan's estimated operating profit is 11.15 billion won. Sales are projected to reach 1.2963 trillion won, and net profit is estimated at 77.5 billion won.