Seoul: Daewoo Engineering and Construction Co. (Daewoo E and C) announced on Tuesday that its net income for the first quarter fell by 36.6 percent to 58 billion won (US$40.3 million), compared to the same period last year.

According to Yonhap News Agency, the company’s operating income for the January-March period showed an increase of 31.8 percent, reaching 151.3 billion won. However, the revenue experienced a decline of 16.5 percent, amounting to 2.07 trillion won.

Despite the decrease in net income, the earnings surpassed market expectations. Analysts had projected an average net profit of 53.3 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.