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Seah Besteel |
[Alpha Biz= Reporter Kim Sangjin] SeAH Besteel Holdings Reports 21.5% Drop in Q2 Operating Profit to 64.5 Billion Won.
SeAH Besteel Holdings announced on August 1 that its Q2 consolidated operating profit fell by 21.5% year-on-year to 64.5 billion won. Revenue also decreased by 12.4% to 970 billion won, while net profit saw a slight decrease of 1.1%, totaling 47.3 billion won.
The company attributed the decline to a significant slowdown in the construction and heavy equipment sectors, impacted by the global economic downturn. Additionally, high interest rates have contributed to weaker demand, further affecting performance.
By affiliate, SeAH Besteel reported Q2 revenue and operating profit of 552.2 billion won and 44.3 billion won, respectively. While revenue fell by 12%, operating profit increased by 1.8% due to cost reductions and improved profitability.
In contrast, SeAH Changwon Special Steel saw its revenue drop by 11.8% to 386.8 billion won and operating profit decrease by 46.7% to 18.2 billion won. The decline was attributed to reduced sales volumes and lower selling prices due to weak demand in the stainless steel market and falling raw material prices.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
