GS Engineering and Construction Corp. on Friday reported its first-quarter net income of 138.3 billion won (US$100.6 million), down 15.3 percent from a year earlier. The company said in a regulatory filing that operating profit for the January-March period fell 55.5 percent on-year to 70.6 billion won. Revenue decreased 12.6 percent to 3.07 trillion won. The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 16.4 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Source: Yonhap News Agency