Seoul: Hyundai Steel Co. on Thursday reported its first-quarter net loss of 54.4 billion won (US$38 million), swinging from a profit of 32.2 billion won a year earlier. The company said in a regulatory filing that it posted an operating loss of 19 billion won for the January-March period, compared with a profit of 55.8 billion won a year ago. Revenue fell 6.5 percent to 5.56 trillion won.
According to Yonhap News Agency, the loss was 23.1 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.