E-Mart Inc. on Thursday reported its first-quarter net profit of 29.4 billion won (US$21.8 million), up 988.9 percent from a year earlier.

Operating profit for the January-March period was 47.1 billion won, up 243.8 percent from a year ago, the company said in a regulatory filing. Revenue rose 1 percent to 7.2 trillion won.

The operating profit was 135.3 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available.

Source: Yonhap News Agency