Hyundai Steel Q2 net up 61 pct on higher prices

Hyundai Steel Co., South Korea's No. 2 steelmaker, said Tuesday its second-quarter net profit spiked 60.7 percent from a year earlier on solid demand and price hikes.

Net income stood at 567 billion won (US$433 million) on a consolidated basis in the April-June period, compared with a net profit of 353 billion won a year earlier, the company said in a regulatory filing.

The earnings beat market expectations. The average estimate of net profit by analysts stood at 538.5 billion won, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Operating income also rose 51.8 percent on-year to 822 billion won and sales spiked 31.3 percent to 7.38 trillion won, it said.

The steelmaker attributed the improved performance to strong demand for steel plates used for autos and ships, and a rise in prices of key products.