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Dongkuk Steel Reports Loss In Q2

Steel News - Published on Fri, 16 Aug 2019

Image Source: SG
Yonhap reported that Dongkuk Steel Mill Co swung to the black in the second quarter of this year from a year earlier due to cost-cutting efforts. Net profit reached 20.6 billion won (USD 17 million) in the April to June period on a consolidated basis, compared with a loss of 190.2 billion won a year ago. Its sales fell 1% on year to reach 1.49 trillion won in the second quarter, but operating profits soared 145% on year to 79.2 billion won. Despite the decline in sales, the company said its cost-cutting efforts led to improved profitability, while solid demand for its key products, such colored sheets and steel bars, also helped.

In the first six months, Dongkuk Steel logged a net profit of 21.3 billion won, a sharp turnaround from a net loss of 229.1 billion won a year earlier. Sales reached 2.8 trillion won, while its operating profit was tallied at 127.5 billion won.

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Posted By : Ratan Singh on Fri, 16 Aug 2019
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