On Wednesday, Hyundai Steel Co. reported a third-quarter net income of 129.2 billion won (US$95.9 million), representing a 51% decrease compared to the same period the year before.
The company also announced that its operating profit for the quarter was 228.4 billion won, a 39% decrease from the 373 billion won recorded the year before. Additionally, revenue dropped by 10.2%, coming in at 6.28 trillion won.
The earnings results fell short of market expectations, as the average estimate of net profit by analysts was 133 billion won, according to a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.
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