Seoul: Samsung Heavy Industries on Thursday reported its first-quarter net profit of 100.1 billion won (US$67.5 million), marking an increase of 11.1 percent from the same period a year earlier. The South Korean shipbuilding giant, in its regulatory filing, highlighted a significant rise in its operating profit and sales figures for the quarter.

According to Yonhap News Agency, Samsung Heavy Industries posted an operating profit of 273.1 billion won, a notable rise compared to 123.1 billion won in the previous year. Additionally, the company's sales saw a 16.4 percent increase, reaching 2.9 trillion won.

Despite the positive growth, Samsung Heavy Industries' earnings did not meet market expectations. Analysts had projected a higher net profit, with the average estimate standing at 251.6 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.