Hyundai Steel Q1 net income up 122 pct. to 488.1 bln won

Economy Business

SEOUL, April 26 (Yonhap) — Hyundai Steel Co. on Tuesday reported its first-quarter net profit of 488.1 billion won (US$391.1 million), up 122 percent from a year earlier.

The company said in a regulatory filing that operating income for the January-March period rose 129.5 percent on-year to 697.4 billion won. Sales increased 41.7 percent to 6.97 trillion won.

The earnings beat market expectations. The average estimate of net profit by analysts stood at 378.5 billion won, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
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