Seoul: Hanwha Ocean Co. has announced a substantial increase in its first-quarter net income, reaching 215.7 billion won (US$149.8 million), marking a significant 322.9 percent rise from the previous year.

According to Yonhap News Agency, the company's operating income for the period from January to March also experienced remarkable growth, surging by 388.8 percent to 258.6 billion won. Additionally, Hanwha Ocean's sales for the quarter climbed 37.6 percent, totaling 3.14 trillion won.

The company's operating profit exceeded expectations, outperforming the average estimate by 38.8 percent, as per a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency. However, an estimate for the net profit was not available.