Audience visit the HD Hyundai Electric booth at the Korea Smart Grid Expo 2024 in Gangnam District, Seoul, April 3. Yonhap

HD Hyundai Electric on Tuesday reported its first-quarter net profit of 93.4 billion won ($67.8 million), up 224.3 percent from a year earlier.

The company said in a regulatory filing that it posted 128.8 billion won in operating profit for the quarter, compared with 46.3 billion won a year ago. Revenue rose 40.9 percent to 801 billion won.

The earnings beat market expectations. The average estimate of net profit by analysts stood at 56.9 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. (Yonhap)