Hyundai Steel Co. on Wednesday reported its first-quarter net profit of 217.8 billion won (US$162.9 million), down 55.4 percent from a year earlier.
Operating profit for the January-March period was 333.9 billion won, down 52.1 percent from a year ago, the company said in a regulatory filing. Revenue fell 8.5 percent to 6.38 trillion won.
The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 144.3 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Source: Yonhap News Agency