Hyundai Steel Q3 net profit down 55.7 pct to 263.8 bln won

Hyundai Steel-Q3 earnings

Hyundai Steel Q3 net profit down 55.7 pct to 263.8 bln won

SEOUL, Oct. 27 (Yonhap) -- Hyundai Steel Co. on Thursday reported its third-quarter net profit of 263.8 billion won (US$185.9 million), down 55.7 percent from a year earlier.

Operating profit for the July-September period was 373 billion won, down 54.9 percent from a year ago, the company said in a regulatory filing. Sales rose 19.4 percent to 6.99 trillion won.

The earnings beat market expectations. The average estimate of net profit by analysts stood at 235.3 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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