Seoul: Hyundai Steel Co., South Korea's second-largest steelmaker, has announced a significant turnaround in its financial performance, reporting a net profit of 17.8 billion won (US$12.5 million) for the third quarter. This marks a shift from a net loss of 16.2 billion won in the same period last year.
According to Yonhap News Agency, the company's latest regulatory filing reveals an operating profit of 93.2 billion won for the quarter, up from 51.5 billion won a year earlier. Additionally, Hyundai Steel's sales saw a 2 percent increase, reaching 5.73 trillion won.
Despite these improvements, the earnings fell short of market expectations. Analysts had projected a net profit of 37.9 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.