Seoul: Kiwoom Securities Co. announced on Wednesday a net profit of 235.6 billion won (US$164.3 million) for the first quarter, reflecting a 3.8 percent decrease compared to the same period last year.

According to Yonhap News Agency, the company revealed in its regulatory filing that its operating profit for the January-March period was 325.5 billion won, marking a 3.6 percent decline from the previous year. However, the company experienced a substantial increase in revenue, which rose by 38.5 percent to 3.65 trillion won.

Despite the drop in profit figures, Kiwoom Securities surpassed market expectations. Analysts had anticipated a lower net profit average of 213.7 billion won, as indicated by a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.