SEOUL, April 27 (Korea Bizwire) – Hyundai Steel Co., South Korea’s second-biggest steelmaker by sales, said Friday 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$164.7 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.