Seoul: Poongsan Corp. on Wednesday reported a first-quarter net income of 41.6 billion won (US$29.2 million), reflecting an increase of 12.7 percent from the same period last year.
According to Yonhap News Agency, the company revealed in a regulatory filing that its operating profit for the January-March period rose by 28.6 percent year-on-year, reaching 69.7 billion won. Additionally, Poongsan Corp. saw its revenue grow by 20 percent, totaling 1.15 trillion won for the quarter.
The company's earnings surpassed market expectations, with analysts having projected an average net profit of 33.7 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.