Seoul: HD Hyundai Heavy Industries Co. on Thursday announced a substantial increase in its first-quarter net income, recording 284.2 billion won (US$198.8 million). This marks an impressive 893.7 percent rise compared to the same period last year.

According to Yonhap News Agency, the company's regulatory filing revealed that its operating income for the January-March period increased by 1,936.2 percent year-on-year, reaching 433.7 billion won. Additionally, the company's revenue saw a 27.9 percent increase, amounting to 3.82 trillion won for the quarter.

The operating profit exceeded expectations by 61.7 percent, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. However, the survey did not provide an estimate for the net profit.