KOSCO posts net loss for Q1

Korea Steel Shapes Co. (KOSCO), a South Korean electric arc furnace-based steelworks, has announced its financial results for the first quarter of 2012, reporting a net loss.
 
In the given quarter, KOSCO reported a net loss of KRW 3.5 billion ($3.06 million) compared to a net profit of KRW 6.5 billion in the corresponding period of the previous year. KOSCO's sales revenues fell 11.8 percent year on year in the first quarter of the current year to KRW 144.08 billion ($126.2 million).
 
In the first quarter this year, KOSCO posted an operating loss of KRW 1.09 billion ($956,478), compared to an operating profit of KRW 11.4 billion in the first quarter of 2011.