Seoul: LG Innotek on Monday reported its first-quarter net profit of 229.1 billion won (US$155.8 million), marking a 167.6 percent increase from the previous year. The company disclosed in a regulatory filing that it achieved an operating profit of 295.3 billion won for the quarter, up from 125.1 billion won a year earlier. Revenue also saw an increase, rising 11.1 percent to reach 5.53 trillion won.

According to Yonhap News Agency, the earnings surpassed market expectations. Analysts had predicted an average net profit estimate of 166.3 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.