Korea Zinc 2008 net tumbles 33 pct on lower prices

By Nam Kwang-sik
SEOUL, Feb. 5 (Yonhap) -- Korea Zinc Inc., the world's second-largest zinc
smelter, said Thursday its net profit plunged 33 percent in 2008 from a year
earlier due to a weak local currency and decreased nonferrous metal prices.
Net income reached 282.7 billion won (US$204.6 million) last year, compared with
421.7 billion won a year ago, Korea Zinc said in a regulatory filing.
Revenue fell 4.5 percent on-year to 2.45 trillion won and operating profit inched
down 0.2 percent to 492.7 billion won.
Shares of Korea Zinc closed 0.11 percent down at 93,500 won on the Seoul bourse.
The company attributed the worsened bottom line to the South Korean won's tumble
against the U.S. dollar and a fall in international nonferrous metal prices.
In a separate report, Korea Zinc predicted its sales target for 2009 will range
from 1.51 trillion won to 1.77 trillion won.
The company will also make an investment of 200 billion won this year.
Despite the faltering performances, Korea Zinc will pay a cash dividend of 2,000
won per common share.
ksnam@yna.co.kr
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