Korea Aerospace Industries (KAI) reported a decline in sales and profit during the first quarter of fiscal year 2019, the company has said in a stock exchange filing.
KAI said its sales in the quarter were KRW629.6 billion (USD539 million), a year-on-year decline of 1.8%, while its operating profit during the period fell by 21% to KRW32.2 billion.
The company did not elaborate on the declines. However, they came during a period that KAI has made progress in two major development projects, which have yet to generate any significant revenues.
Earlier this year KAI started on the critical design phase of its Korean Fighter eXperimental (KFX) aircraft programme and began manufacturing work on the bulk head of the first KFX prototype.
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