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The Korea Herald
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THE INVESTOR
March 29, 2024

Industrials

Hyundai Steel’s net profit falls 48% in Q1

  • PUBLISHED :April 27, 2018 - 16:21
  • UPDATED :April 27, 2018 - 16:21
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[THE INVESTOR] Hyundai Steel said on April 27 that its first-quarter net profit plunged 48.2 percent from a year earlier due to a base effect.

Net profit for the three months ending March 31 came to 177 billion won (US$164.70 million), compared with a net profit of 341.8 billion won a year earlier, the company said in a statement.

The company said a strong euro in the first quarter of 2017 boosted its net profit, but a weaker euro in the January-March period this year cut into its quarterly bottom line.

Operating profit fell 16.1 percent to 293.5 billion won in the first three months from 349.8 billion won a year earlier. Sales rose 4.6 percent to 4.78 trillion won from 4.57 trillion won, it said.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)


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