Hyundai Steel Q2 net income down 48.2 pct to 293.5 bln won

Hyundai Steel-Q2 earnings

Hyundai Steel Q2 net income down 48.2 pct to 293.5 bln won

SEOUL, July 26 (Yonhap) -- Hyundai Steel Co. on Wednesday reported its second-quarter net profit of 293.5 billion won (US$229.3 million), down 48.2 percent from a year earlier.

The company said in a regulatory filing that operating profit for the April-June period fell 43.4 percent on-year to 465.1 billion won. Sales decreased 3.3 percent to 7.13 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 246.6 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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