Seoul: Hanwha Ocean Co. on Tuesday reported its second-quarter net profit of 148.5 billion won (US$106.7 million), marking a significant turnaround from a loss of 27.4 billion won in the same period last year.

According to Yonhap News Agency, the company's operating income for the April-June period reached 371.7 billion won, a substantial improvement from a loss of 9.7 billion won a year ago. Revenue for the quarter increased by 29.9 percent, amounting to 3.29 trillion won.

Despite these improvements, Hanwha Ocean's earnings did not meet market expectations. Analysts had predicted an average net profit of 195.6 billion won, based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.