Seoul: Hyundai Glovis Co. on Wednesday reported its first-quarter net income of 398.2 billion won (US$278.6 million), marking a 30.1 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 by 30.4 percent year-on-year to 501.9 billion won. Furthermore, revenue during the same period increased by 9.7 percent to reach 7.22 trillion won.

The earnings exceeded market expectations, as the average estimate of net profit by analysts was 354.1 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.