Seoul: LS Electric Co., a South Korean electric equipment manufacturer, reported a significant increase in its fourth-quarter net income, reaching 79.5 billion won (US$54.9 million), which marks a 26.8 percent rise compared to the previous year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the quarter amounted to 130.2 billion won, an improvement from the 119.9 billion won recorded in the same period last year. Sales also experienced growth, climbing 11.9 percent to a total of 1.52 trillion won.

The company's earnings surpassed market expectations, as analysts had projected an average net profit of 63.9 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.