Seoul: Hankook Tire and Technology Co. announced on Monday a significant increase in its third-quarter net income, reporting a 28.4 percent rise to 385.6 billion won (US$281.5 million) compared to the same period last year.

According to Yonhap News Agency, the company revealed in a regulatory filing that its operating profit for the quarter reached 470.2 billion won, up from 396.4 billion won in the previous year. Additionally, sales increased by 4.1 percent, amounting to 2.43 trillion won for the quarter.

The latest earnings figures surpassed market expectations, with analysts’ average net profit estimate standing at 299.2 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.