Seoul: Lotte Wellfood Co. has announced a significant increase in its second-quarter net profit, reporting a total of 36.1 billion won (US$25.4 million), marking a 130.1 percent rise from the previous year.

According to Yonhap News Agency, the company, known for its production of confectionery, ice cream, and processed food, disclosed in a regulatory filing that its operating profit for the April-June period saw an 88.5 percent year-on-year increase to 64.7 billion won. The revenue for the same period rose by 8.6 percent, reaching 1.15 trillion won.

The reported earnings have surpassed market expectations, as analysts had estimated a net profit of 29.3 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.