Seoul: Hyundai Glovis Co., the shipping logistics unit of Hyundai Motor Group, reported its fourth-quarter net income of 440.4 billion won (US$308.2 million), marking an increase of 356 percent from the previous year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the quarter reached 508.3 billion won, up from 459.7 billion won in the same period the prior year. Additionally, Hyundai Glovis saw its revenue rise by 2.5 percent to 7.47 trillion won.
The reported earnings surpassed market expectations, as analysts had estimated an average net profit of 398.5 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.