Seoul: Hyosung Heavy Industries Corp. on Friday announced a significant increase in its second-quarter net income, which soared to 87.3 billion won (US$63.4 million), marking a 209.7 percent jump from the previous year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the April-June period witnessed a 162.1 percent growth year-on-year, reaching 164.3 billion won. The company's revenue also saw a substantial rise, increasing by 27.8 percent to 1.52 trillion won.
The reported earnings surpassed market expectations, as the average net profit estimate by analysts was pegged at 83.1 billion won, based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.