Poongsan Q1 net income up 24.8 pct to 54.2 bln won

Poongsan-Q1 earnings

Poongsan Q1 net income up 24.8 pct to 54.2 bln won

SEOUL, April 27 (Yonhap) -- Poongsan Corp. on Thursday reported its first-quarter net profit of 54.2 billion won (US$40.5 million), up 24.8 percent from a year earlier.

Operating income for the January-March period was 84.8 billion won, up 22.5 percent from a year ago, the company said in a regulatory filing. Revenue fell 0.6 percent to 1.04 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 41.3 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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