Seoul:<Text>

Hyosung TNC on Friday reported its first-quarter net profit of 50.9 billion won (US$34.3 million), marking a 108 percent increase from the previous year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the January-March period rose 11.4 percent year-on-year to 86.2 billion won. Additionally, sales saw a 7.2 percent increase, reaching 2.09 trillion won.

The company's earnings exceeded market expectations significantly. Analysts had predicted an average net profit of 29.3 billion won, as per a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.