Seoul: Samsung C and T Corp. announced a significant rise in its first-quarter net income, reaching 937.2 billion won (US$658.9 million), marking a 14 percent increase from the previous year. The company's financial results for the January to March period were released on Wednesday, showcasing a robust performance despite challenges.
According to Yonhap News Agency, Samsung C and T's operating income rose by 1.7 percent year-on-year to 724.4 billion won. However, the company's sales experienced a decline of 9.8 percent, totaling 9.73 trillion won for the quarter. Despite the decrease in sales, the company's net income exceeded market expectations, with analysts' average estimates standing at 543 billion won, as per a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.