SEOUL, Korea Aerospace Industries (KAI) Ltd., South Korea's sole aircraft manufacturer, on Tuesday reported its first-quarter net profit rose over 18 percent from a year earlier thanks to exports of FA-50 fighter jets and aircraft parts. Net profit for the January-March period came to 35.2 billion won (US$25.5 million) on a consolidated basis, up 18.5 percent from last year, the company said in a regulatory filing. Operating profit soared 147.4 percent to 48 billion won, and sales also climbed 30.1 percent to 739.9 billion won. The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 34.1 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. KAI attributed the strong performance to the exports of its FA-50 fighter jets to Poland and sales of aircraft parts to international clients, including Airbus and Boeing. Domestically, the company recorded increased sales in projects involving the development of the KF-21 jet p roject, its amphibious assault helicopter and its Earth observation satellite, KAI said. Source: Yonhap News Agency
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