SEOUL, Poongsan Corp. on Tuesday reported its first-quarter net profit of 36.9 billion won (US$26.8 million), down 32 percent from a year earlier.

The company said in a regulatory filing that it posted 54.2 billion won in operating profit for the quarter, compared with 84.8 billion won a year ago. Revenue fell 7.8 percent to 963.5 billion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 29.9 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency