Hyundai Steel Q2 net profit down 99.5 pct to 1.4 bln won

Hyundai Steel Co. on Thursday reported its second-quarter net income of 1.4 billion won (US$1 million), down 99.5 percent from a year earlier. Operating profit for the April-June period was 98 billion won, down 78.9 percent from a year ago, the company said in a regulatory filing. Sales fell 15.4 percent to 6.04 trillion won. The earnings fell behind market expectations. The average estimate of net profit by analysts stood at 9.5 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Source: Yonhap News Agency