[Featured Stock] Korea Zinc Falls Over 8% Due to Weak Q3 Earnings
[Asia Economy Reporter Kwon Jaehee] Korea Zinc is showing weakness in the early trading session on the 3rd after posting third-quarter earnings that fell short of market expectations.
As of 9:20 a.m. on the same day, Korea Zinc was trading at 567,000 KRW, down 8.70% from the previous trading day on the KOSPI market.
Korea Zinc's third-quarter consolidated sales amounted to 2.74 trillion KRW, and operating profit was 150.6 billion KRW. Sales increased by 13% compared to the same period last year, but operating profit decreased by 43.3% during the same period. The operating profit was also significantly below the market forecast of 206.4 billion KRW.
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Park Kwangrae, a researcher at Shinhan Investment Corp., said, "While metal prices declined compared to the previous quarter in the third quarter, zinc sales also decreased compared to the previous quarter due to weak domestic customer demand," adding, "The difficult domestic and external environment is expected to continue into the fourth quarter."
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