Hyundai Steel Q1 net profit down 55.4 pct to 217.8 bln won

Hyundai Steel-Q1 earnings

Hyundai Steel Q1 net profit down 55.4 pct to 217.8 bln won

SEOUL, April 26 (Yonhap) -- Hyundai Steel Co. on Wednesday reported its first-quarter net profit of 217.8 billion won (US$162.9 million), down 55.4 percent from a year earlier.

Operating profit for the January-March period was 333.9 billion won, down 52.1 percent from a year ago, the company said in a regulatory filing. Revenue fell 8.5 percent to 6.38 trillion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 144.3 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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