Seoul: South Korean gaming giant Krafton on Thursday reported its first-quarter net profit of 514.1 billion won (US$346.7 million), marking an increase of 38.4 percent 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 also rose by 22.8 percent year-on-year to reach 561.6 billion won. Sales witnessed a 56.9 percent surge, amounting to 1.37 trillion won during the same timeframe.

The earnings surpassed market expectations significantly. Analysts had estimated an average net profit of 336.2 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency.