Seoul: GS Retail Co. reported a remarkable increase in its second-quarter net income, reaching 64.6 billion won (US$45.5 million), marking a 354.5 percent rise from the previous year. The company, known for operating GS25 convenience stores, shared this financial update in a regulatory filing on Friday.

According to Yonhap News Agency, GS Retail also disclosed an operating profit of 109.4 billion won for the quarter, an increase from 85.8 billion won in the same period last year. The company's revenue experienced a 6.7 percent growth, totaling 3.17 trillion won. The reported earnings surpassed market expectations, as analysts had projected a net profit estimate of 52.7 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.