Hyosung Advanced Materials Corp. on Friday reported its first-quarter net profit of 40 billion won (US$29.9 million), down 43.5 percent from a year earlier.

The company said in a regulatory filing that it posted 67.3 billion won in operating profit for the quarter, compared with 101.7 billion won a year ago. Revenue fell 16.8 percent to 834.5 billion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 28.6 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency