Seoul: South Korea's Hanwha Ocean announced a substantial increase in its second-quarter net profit, reaching 692.6 billion won (US$471.9 million), marking a 366.4 percent rise compared to the same period last year.

According to Yonhap News Agency, the shipbuilder revealed in a regulatory filing that its operating income for the April-June period was 736.1 billion won, reflecting a 98 percent increase from the prior year. Additionally, sales surged by 65.2 percent, totaling 5.44 trillion won.

The reported earnings surpassed market predictions, with the average net profit estimate by analysts recorded at 410.1 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency.