Seoul: Hyundai Wia on Friday reported its second-quarter net profit of 50.6 billion won (US$34.5 million), marking a 192.1 percent increase from the same period last year. The South Korean automotive parts and defense manufacturer disclosed this impressive growth in a regulatory filing.

According to Yonhap News Agency, Hyundai Wia's operating profit for the April-June period saw a decline of 10.6 percent year-on-year, totaling 50.4 billion won. Despite this decrease in operating profit, the company experienced an 8 percent rise in sales, reaching 2.35 trillion won. This growth in net income surpassed market expectations, with analysts predicting a net profit of 28.9 billion won, based on a survey by Yonhap Infomax, the financial data arm of Yonhap News Agency.