Kumho Tire Co. on Monday reported its first-quarter net income of 91 billion won (US$66.1 million), up 407.9 percent from a year earlier.

The company said in a regulatory filing that operating income for the January-March period rose 167 percent on-year to 145.6 billion won. Revenue increased 4.6 percent to 1.04 trillion won.

The earnings beat market expectations. The average estimate of net profit by analysts stood at 64.7 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency