Seoul: HD Hyundai Mipo Dockyard Co. on Thursday reported its first-quarter net profit of 51.7 billion won (US$36.2 million), up 2,361.9 percent from a year earlier. Operating income for the January-March period was 68.5 billion, compared with a loss of 11 billion won a year ago, the company said in a regulatory filing. Sales rose 18.3 percent to 1.18 trillion won.
According to Yonhap News Agency, the earnings surpassed market expectations. The average estimate of net profit by analysts was 37.4 billion won, based on a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.