Seoul: LS Electric on Tuesday reported its first-quarter net profit of 119.6 billion won (US$81.2 million), marking a significant increase of 77.6 percent from the same period last year.

According to Yonhap News Agency, the company revealed in a regulatory filing that it achieved an operating profit of 126.6 billion won for the quarter, a substantial rise from 87.3 billion won in the preceding year. Revenue also saw a notable increase, climbing 33.4 percent to reach 1.37 trillion won.

The earnings surpassed market expectations, as analysts had predicted an average net profit of 102.6 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency.