Seoul: Poongsan has announced a significant increase in its first-quarter net income, reporting a total of 78 billion won (US$52.5 million), which marks an 87.7 percent rise compared to the same period last year.

According to Yonhap News Agency, Poongsan's operating profit for the January to March period also saw substantial growth, reaching 90.2 billion won. This represents a 29.3 percent increase from the previous year's figures. Additionally, the company experienced a 9.9 percent rise in sales, totaling 1.27 trillion won for the quarter.

The earnings results have surpassed market expectations, as the average net profit estimate by analysts was 68.8 billion won. This estimate was based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.