Hyundai Hysco announced Q1 gross profit results

Hyundai Hysco announced Q1 gross profit results

South Korean Hyundai Hysco posted a gross profit of Won 553 million (approx.$461,324) for the first quarter of 2003 when compared to Won 411 million in the same period last year while its sales were raised to Won 4.6 billion from Won 3.2 billion. According to company authorities, Hyundai Hysco's operating income has reached to Won 387 million rising from Won 226 million due to higher prices in the domestic and export markets. In addition, Hyundai Hysco increased its cold rolled production to 447'000 tons from 405'000 tons in the first quarter. Also, Hyundai Hysco operated at full capacity of 1.8 million tons cold rolled in its CR mill. Furthermore, its sales volume has increased to 791'000 tons in the first quarter when compared to 650'000 tons in the same period last year. Due to Hyundai Hysco's restructure in the business, its pipe production has decreased 137'000 tons in the first quarter compared to 163'000 tons in the same period last year. And also, Hyundai Hysco's annual pipe production capacity has decreased to 700'000 tons from 1 million tons. Hyundai Hysco is going to focus on more value added pipes particularly for the automotive industry.