SK Ie Technology Co. on Friday reported its fourth-quarter net income of 71.8 billion won (US$54.1 million), up 653.1 percent from a year earlier.

Operating profit for the October-December period was 26.9 billion, compared with a loss of 10.3 billion won a year ago, the company said in a regulatory filing. Revenue fell 2.8 percent to 172.5 billion won.

The earnings beat market expectations. The average estimate of net profit by analysts stood at 18.1 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency