April 27, 2024
Industrials
Hyundai Steel’s Q1 net profit more than doubles
[THE INVESTOR] Hyundai Steel said on April 27 that its first-quarter net profit more than doubled on robust sales of high-end products and cost reduction efforts.
Net profit for the three months ended March 31 jumped to 341.11 billion won (US$302 million) from 158.58 billion won a year earlier, the company said in a statement.
“To offset lower demand from carmakers and shipbuilders, the company increased sales of value-added products such as high-intensity reinforced bars,” the statement said.
Operating profit climbed 30 percent to 349.68 billion won in the January-March period from 269.19 billion won a year earlier.
Sales rose 22 percent to 4.57 trillion won from 3.74 trillion won, it said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Net profit for the three months ended March 31 jumped to 341.11 billion won (US$302 million) from 158.58 billion won a year earlier, the company said in a statement.
“To offset lower demand from carmakers and shipbuilders, the company increased sales of value-added products such as high-intensity reinforced bars,” the statement said.
Operating profit climbed 30 percent to 349.68 billion won in the January-March period from 269.19 billion won a year earlier.
Sales rose 22 percent to 4.57 trillion won from 3.74 trillion won, it said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
