Seoul: Mirae Asset Securities announced a remarkable first-quarter net profit of 1 trillion won (US$676.3 million), marking a 288 percent increase from the previous year. The results were disclosed on Tuesday, highlighting significant growth in the company's financial performance.

According to Yonhap News Agency, the securities firm also reported an operating income of 1.37 trillion won for the January-March period, reflecting a 297.2 percent rise from the same period last year. Revenue for the quarter surged 138.4 percent to reach 14.42 trillion won.

Despite the impressive growth figures, the earnings fell short of market expectations. Analysts had projected a higher net profit, with the average estimate standing at 1.08 trillion won based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.