Seoul: Hanwha Ocean on Monday reported a first-quarter net income of 500 billion won (US$339.9 million), a surge of 131.8 percent from a year earlier.

According to Yonhap News Agency, the company stated in a regulatory filing that it posted 441.1 billion won in operating profit for the quarter, compared with 258.6 billion won a year ago. Additionally, sales rose by 2.1 percent, reaching 3.2 trillion won.

The operating profit exceeded expectations, being 17.0 percent higher than the average estimate, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. However, the estimate of net profit was not available.