Seoul: Hankook Tire and Technology reported a first-quarter net income of 372.4 billion won (US$253.9 million), marking a 19.3 percent increase from the previous year.

According to Yonhap News Agency, operating profit for the January-March period was 507 billion won, reflecting a 43 percent rise from a year earlier, as disclosed in a regulatory filing by the leading Korean tiremaker. Sales also increased by 7.1 percent, reaching 5.31 trillion won.

The earnings surpassed market expectations, with the average net profit estimate by analysts being 349.2 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.