Seoul: HD Hyundai Marine Solution Co., the ship repair division of South Korea's shipbuilding giant HD Hyundai, announced a fourth-quarter net profit of 73.5 billion won (US$50.7 million), marking a 7.5 percent increase from the previous year.

According to Yonhap News Agency, the company's regulatory filing revealed that its operating profit for the October-December period saw a significant rise of 37.3 percent year-on-year, reaching 90.5 billion won. Additionally, revenue for the quarter increased by 11.4 percent, amounting to 516.2 billion won.

Despite these positive results, the earnings did not meet market expectations. Analysts had predicted an average net profit of 79.6 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.