May 08, 2024

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[THE INVESTOR] Hyundai Steel said on Oct. 27 its third-quarter net profit plunged 40 percent from a year earlier on increased costs and reduced currency gains.

Net profit for the three months ended Sept. 30 declined to 179.6 billion won (US$159 million) from 300.7 billion won a year earlier, the company said in a statement.

“In the third quarter last year, the Korean won was stronger than the same quarter this year. It helped drive down raw materials purchasing costs and drive up foreign exchange gains last year. But this year, the won’s weakness resulted in high costs and reduced currency gains,” a company spokesman said.

Operating profit fell 4.7 percent to 339.6 billion won in the third quarter from 356.2 billion won a year ago, while sales rose 19 percent to 4.820 trillion won from 4.063 trillion won during the cited period.

By Alex Lee and newswires (alexlee @heraldcorp.com)