LS Electric Co. on Thursday reported its second-quarter net profit of 64.6 billion won (US$46.7 million), down 11.5 percent from a year earlier.

The company said in a regulatory filing that it posted 109.6 billion won in operating profit for the quarter, compared with 104.9 billion won a year ago. Sales fell 5.8 percent to 1.13 trillion won.

The earnings beat market expectations. The average estimate of net profit by analysts stood at 63.6 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency