Samsung Heavy Industries Co., a major South Korean shipbuilder, said Friday that its first-quarter net profit soared 19 percent from a year earlier on the back of increased demand for high-priced ships.

Net profit reached 301 billion won ($272 million) in the January-March period, compared with a profit of 253 billion won a year earlier, the company said in a regulatory filing.

Sales gained 10 percent on-year to reach 3.89 trillion won in the first quarter, and operating income also spiked 34 percent to 440 billion won over the cited period.

The shipbuilder attributed the improvement to delivery of high-priced ships such as LNG carriers and offshore facilities.

Shares of Samsung Heavy were trading at 35,550 won on the Seoul bourse as of 11:10 a.m., up 3.8 percent from the previous session’s close. The first-quarter business results were released after the market opened. (Yonhap News)