April 26, 2024

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[THE INVESTOR] Dongkuk Still Mill, a thick steel plate maker, said on Nov. 10 its third-quarter net profit plunged 70 percent on foreign exchange losses.

Net profit for the three months that ended Sept. 30 dropped to 12.53 billion won (US$11 million) from 42.30 billion won a year earlier, the company said in a statement.

“The won’s weakness in the third quarter compared to a year earlier resulted in foreign exchange losses and a poor net result,” a company spokesman said.

Operating profit rose 10 percent to 72.54 billion won in the July-September period from 65.83 billion won a year ago. Sales were up 23 percent to 1.55 trillion won from 1.27 trillion won during the same period, it said.

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