Seoul: Hyundai Steel Co. on Wednesday reported its fourth-quarter net profit of 105.8 billion won (US$73.7 million), shifting from a loss of 197.5 billion won a year earlier. Operating income for the October-December period was 109 billion, compared with a loss of 229.1 billion won a year ago, the company said in a regulatory filing. Revenue fell 8.1 percent to 5.61 trillion won.
According to Yonhap News Agency, the improvement in Hyundai Steel's financial performance marks a significant turnaround from the previous year. The company attributed the positive results to strategic operational adjustments and cost management measures that helped stabilize its financial footing despite a decrease in revenue.