Seoul, South Korea - Shinsegae Inc. on Wednesday announced a slight increase in its first-quarter net income, which rose by 0.8 percent year-over-year to 129.6 billion won (US$94.9 million). According to the company's regulatory filing, operating income for the January-March period also grew by 6.9 percent to 163 billion won, with revenue up 2.6 percent to 1.6 trillion won.
The earnings reported by Shinsegae exceeded market expectations, with analysts surveyed by Yonhap Infomax, a financial data firm affiliated with Yonhap News Agency, having projected an average net profit of 78.2 billion won for the quarter.