Seoul: Poongsan Corp., a non-ferrous materials and munitions manufacturer, announced on Friday a significant increase in its second-quarter net profit, reaching 82.5 billion won (US$57.3 million), marking a 28.5 percent rise from the same period last year.
According to Yonhap News Agency, the company detailed in a regulatory filing that its operating profit for the quarter amounted to 125.2 billion won, up from 93.6 billion won in the previous year. Additionally, sales for the quarter increased by 13.6 percent, totaling 1.47 trillion won.
The reported operating profit exceeded the average estimate by 45.6 percent, as per a survey conducted by Yonhap Infomax, the financial data service of Yonhap News Agency. However, the estimate for net profit was not available.