ID :
86724
Thu, 10/29/2009 - 14:55
Auther :
Shortlink :
https://www.oananews.org//node/86724
The shortlink copeid
Hyundai Steel Q3 net more than doubles
SEOUL, Oct. 29 (Yonhap) -- Hyundai Steel Co., South Korea's No. 2 steelmaker, said Thursday its third-quarter earnings more than doubled from a year earlier on profit from the sale of its stake in Hyundai Motor Co. and cost-cutting measures.
Net profit reached 572 billion won (US$476 million) in the July-September period,
compared with 220 billion won a year earlier, the company said in a regulatory
filing.
Sales, however, dropped 37 percent to 2.05 trillion won, with operating income
also falling 64 percent to 158 billion won, it said.
Shares of Hyundai Steel were trading at 77,300 won on the Seoul bourse as of 1:10
p.m., down 5.50 percent.
The steelmaker forecast that its fourth-quarter business performance will improve
on rising demand.
Hyundai Steel said sales will rise 4 percent to 2.23 trillion won in the
October-December period from a year earlier on rising demand.
Its bigger rival POSCO last month raised its full-year profit forecast by 23
percent, signaling the worst for the steel market is over.
sam@yna.co.kr
(END)
Net profit reached 572 billion won (US$476 million) in the July-September period,
compared with 220 billion won a year earlier, the company said in a regulatory
filing.
Sales, however, dropped 37 percent to 2.05 trillion won, with operating income
also falling 64 percent to 158 billion won, it said.
Shares of Hyundai Steel were trading at 77,300 won on the Seoul bourse as of 1:10
p.m., down 5.50 percent.
The steelmaker forecast that its fourth-quarter business performance will improve
on rising demand.
Hyundai Steel said sales will rise 4 percent to 2.23 trillion won in the
October-December period from a year earlier on rising demand.
Its bigger rival POSCO last month raised its full-year profit forecast by 23
percent, signaling the worst for the steel market is over.
sam@yna.co.kr
(END)
