Seoul: Pan Ocean Co., South Korea's leading bulk carrier, has announced a significant rise in its first-quarter net profit, reaching 72 billion won (US$50.4 million), which marks a 19.2 percent increase from the previous year.
According to Yonhap News Agency, the company revealed in a regulatory filing that its operating profit for the quarter was 113.3 billion won, up from 98.2 billion won a year earlier. Additionally, Pan Ocean's sales experienced a substantial growth, rising 42.8 percent to 1.39 trillion won.
The company's earnings surpassed market expectations, as analysts, surveyed by Yonhap Infomax, had estimated the net profit to be around 66.8 billion won. This indicates a stronger-than-anticipated performance by Pan Ocean in the first quarter.