Korea Zinc’s Q3 Op up 6.5 percent despite sales drop

[Courtesy of Korea Zinc]

Korea Zinc Co. Ltd. said on Friday that its consolidated operating profit for the third quarter of 2023 hit 160.4 billion won ($122 million), up 6.5 percent from a year ago, as per preliminary calculations.

But the Kospi-listed company reported a decline in revenue, with sales totaling 2.29 trillion won, or a 16.4 percent drop year on year. On the positive side, the net profit for the July to September quarter saw an increase of 10.6 percent on-year to 77.8 billion won.

Despite the growth in operating profit, the reported figure fell short of market expectations. According to data compiled by Yonhap Infomax, the market consensus for Korea Zinc’s Q3 operating profit was forecast to be 170 billion won.