Seoul: Hyundai Wia Corp., a South Korean auto parts maker, announced on Wednesday a significant increase in its first-quarter net income, reporting a total of 102 billion won (US$71.7 million). This marks a substantial 177.9 percent rise from the previous year.
According to Yonhap News Agency, the company revealed in a regulatory filing that it recorded an operating profit of 48.5 billion won for the quarter, in comparison to 57.7 billion won from the same period last year. Meanwhile, sales experienced a slight increase of 0.5 percent, reaching 2.06 trillion won.
The company's earnings surpassed market expectations, with the average net profit estimate by analysts being 28.9 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.