Seoul: Hyosung Heavy Industries Corp. reported a substantial increase in its first-quarter net income, reaching 103.6 billion won (US$72.1 million), marking a 295.1 percent rise compared to the previous year.
According to Yonhap News Agency, the company's operating income for the January-March period also showed an impressive increase, registering at 102.4 billion won, which is an 82.3 percent jump from the same period last year. Revenue for the quarter rose to 1.07 trillion won, indicating a 9.3 percent increase.
The company's earnings surpassed market expectations, as analysts had predicted an average net profit of 55.2 billion won. This forecast was based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.