Kolon Industries Inc. on Friday reported its second-quarter net income of 43.9 billion won (US$32.2 million), up 17.4 percent from a year earlier.

The company said in a regulatory filing that it posted 59.4 billion won in operating profit for the quarter, compared with 75.6 billion won a year ago. Sales fell 0.3 percent to 1.28 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 34.1 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency