Seoul:<Text>

Hyundai Wia on Friday reported a first-quarter net income of 35.4 billion won (US$23.9 million), marking a steep decline of 65.3 percent from the previous year.

According to Yonhap News Agency, the company revealed in a regulatory filing that despite the sharp fall in net income, there was a rise in operating profit for the January-March period. The operating profit increased by 6.2 percent on-year to reach 51.6 billion won. Additionally, Hyundai Wia's revenue saw a 5.7 percent increase, totaling 2.17 trillion won for the quarter.

The reported earnings did not meet market expectations, as the average net profit estimate by analysts was 40.8 billion won. This estimate was based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.