Seoul: Cosmax Inc. has reported a significant increase in its first-quarter net income, reaching 43.8 billion won (US$29.4 million), marking an impressive 312.1 percent rise from the previous year.
According to Yonhap News Agency, the Korean cosmetics giant detailed in a regulatory filing that its operating profit for the quarter was 53 billion won, showing an increase from the 51.3 billion won recorded in the same period last year. The company's revenue also saw a rise of 15.9 percent, totaling 682 billion won.
Cosmax's financial performance for the quarter surpassed market expectations, as analysts had previously estimated a net profit average of 25 billion won. This estimate was gathered from a survey conducted by Yonhap Infomax, the financial data subsidiary of Yonhap News Agency.