Seoul: Hanwha Systems Co. on Monday reported its first-quarter net income of 41 billion won (US$28.4 million), marking an 18.6 percent decrease from the same period last year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating income for the January-March period saw a significant increase of 27.9 percent on-year, reaching 58.2 billion won. Additionally, the company's revenue climbed 26.8 percent to a total of 690.1 billion won during the same period.
Despite the decrease in net profit, the earnings exceeded market expectations. Analysts surveyed by Yonhap Infomax, the financial data firm of Yonhap News Agency, had anticipated an average net profit of 38.8 billion won for Hanwha Systems.