Seoul: Hankook Tire and Technology Co. reported a 13.4 percent decline in its first-quarter net income, totaling 312.2 billion won (US$221.8 million), compared to the previous year. Despite the drop in net profit, the company's earnings surpassed market expectations.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the period from January to March decreased by 11.1 percent year-on-year to 354.6 billion won. However, revenue saw a significant increase of 133.3 percent, reaching 4.96 trillion won.
The company's earnings exceeded the predictions of market analysts, who had estimated an average net profit of 267.3 billion won, based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.