Seoul: Hanwha Aerospace announced a significant increase in its first-quarter net profit, reaching 525.9 billion won (US$354.2 million), marking a 187.5 percent rise from the previous year.

According to Yonhap News Agency, the company's regulatory filing revealed that its operating profit for the January-March period saw a 20.6 percent year-on-year increase, totaling 638.9 billion won. Additionally, Hanwha Aerospace's revenue grew by 4.9 percent, amounting to 5.75 trillion won.

The financial results exceeded market expectations, as analysts had anticipated a net profit of 395.2 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.