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Shinsegae Q4 net income down 84.8% to $25.1 mil.

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Starfield Suwon is seen in this photo, Suwon, Gyeonggi province, Jan. 24. Courtesy of Shinsegae Property

Starfield Suwon is seen in this photo, Suwon, Gyeonggi province, Jan. 24. Courtesy of Shinsegae Property

Shinsegae on Wednesday reported its fourth-quarter net profit of 33.4 billion won ($25.1 million), down 84.8 percent from a year earlier.

Operating income for the October-December 2023 period was 206 billion won, up 45.7 percent from a year ago, the company said in a regulatory filing. Revenue fell 22.3 percent to 1.72 trillion won.

The earnings fell behind market expectations. The average estimate of net profit by analysts stood at 80.4 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. (Yonhap)