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Samsung Heavy Industries Q1 net profit up over 10-fold to $62.8 mil.

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By Yonhap
  • Published KST
Samsung E&A headquarters in Seoul / Courtesy of Samsung E&A

Samsung E&A headquarters in Seoul / Courtesy of Samsung E&A

Samsung Heavy Industries on Thursday reported its first-quarter net income of 90.1 billion won ($62.8 million), up 1,055.1 percent from a year earlier.

Operating profit for the January-March period was 123.1 billion won, up 58 percent from a year ago, the company said in a regulatory filing. Sales rose 6.2 percent to 2.49 trillion won.

The earnings beat market expectations. The average estimate of net profit by analysts stood at 60.6 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.