Seoul: South Korean builder DL Engineering and Construction (E and C) Co. on Tuesday reported its first-quarter net income of 30.2 billion won (US$21 million), marking a 16.4 percent increase from the same period a year earlier.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating income for the January-March period increased by 33 percent year-on-year to 81 billion won. However, the company's revenue saw a decline of 4.4 percent, amounting to 1.8 trillion won.

Despite the rise in net income, DL E and C's earnings did not meet market expectations. Analysts had predicted a higher net profit, with an average estimate of 61 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.