Seoul: Hyosung Heavy Industries Corp. has reported a substantial rise in its fourth-quarter net income, reaching 160.1 billion won (US$111 million), marking a 66.6 percent increase compared to the previous year.

According to Yonhap News Agency, the company's operating profit for the October-December period surged to 260.5 billion won, reflecting a 97 percent increase from the same period last year. Additionally, the company's revenue grew by 10.9 percent, totaling 1.74 trillion won.

The financial results surpassed market expectations, with analysts' average estimate for net profit pegged at 142.2 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.