Seoul: Hyundai Steel Co., an affiliate of Hyundai Motor Group and South Korea's second-largest steelmaker, on Thursday reported its second-quarter net income of 37.4 billion won (US$27.4 million), a significant increase from a net profit of 1.4 billion won a year earlier.
According to Yonhap News Agency, the company revealed in a regulatory filing that its operating profit for the April-June period rose 3.9 percent year-on-year to 101.8 billion won. However, sales saw a slight decrease of 1.6 percent, totaling 5.94 trillion won for the quarter.
The earnings report surpassed market expectations, as analysts had predicted an average net profit of 19 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.