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27575
Thu, 10/30/2008 - 20:13
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https://www.oananews.org//node/27575
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Korea Zinc swings to loss in Q3
By Nam Kwang-sik
SEOUL, Oct. 30 (Yonhap) -- Korea Zinc Inc., the world's second-largest zinc smelter, said Thursday that it swung to a net loss in the third quarter due to the South Korean won's sharp fall against the U.S. dollar.
Net losses came to 11.4 billion won (US$8.8 million) in the July-September
period, compared with a net profit of 108 billion won a year ago, Korea Zinc said
in a statement.
Sales fell 8.7 percent on-year to 570 billion won in the quarter and operating
profit dropped 27.6 percent to 107.3 billion won.
Despite the poor performance, shares of Korea Zinc rose by the daily limit of 15
percent to 55,200 won as of 1:26 p.m. on the Seoul bourse.
The company attributed the worsened bottom line to the local currency's tumble
against the greenback. The won has fallen nearly 30 percent against the dollar
this year.
ksnam@yna.co.kr
(END)
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SEOUL, Oct. 30 (Yonhap) -- Korea Zinc Inc., the world's second-largest zinc smelter, said Thursday that it swung to a net loss in the third quarter due to the South Korean won's sharp fall against the U.S. dollar.
Net losses came to 11.4 billion won (US$8.8 million) in the July-September
period, compared with a net profit of 108 billion won a year ago, Korea Zinc said
in a statement.
Sales fell 8.7 percent on-year to 570 billion won in the quarter and operating
profit dropped 27.6 percent to 107.3 billion won.
Despite the poor performance, shares of Korea Zinc rose by the daily limit of 15
percent to 55,200 won as of 1:26 p.m. on the Seoul bourse.
The company attributed the worsened bottom line to the local currency's tumble
against the greenback. The won has fallen nearly 30 percent against the dollar
this year.
ksnam@yna.co.kr
(END)
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