Seoul: Pan Ocean Co. Ltd. on Friday reported a second-quarter net profit of 137.5 billion won (US$96.2 million), reflecting a 12 percent increase from the same period last year.

According to Yonhap News Agency, operating profit for the April-June period was recorded at 193.7 billion won, marking a 57.5 percent increase from the previous year. The shipping and logistics company also announced that their sales rose by 47.9 percent to reach 1.91 trillion won.

The company's earnings surpassed market expectations, as analysts had estimated an average net profit of 114.3 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.