SEOUL, Aug. 14 (Yonhap) -- Dongkuk Steel Mill Co., South Korea's third-largest steelmaker, said Wednesday that it swung to the black in the second quarter of this year from a year earlier due to cost-cutting efforts.
Net profit reached 20.6 billion won (US$17 million) in the April-June period on a consolidated basis, compared with a loss of 190.2 billion won a year ago, the company said in a regulatory filing.
Sales fell 1 percent on-year to reach 1.49 trillion won in the second quarter, but operating profits soared 145 percent on-year to 79.2 billion won.
Despite the decline in sales, the company said its cost-cutting efforts led to improved profitability, while solid demand for its key products, such colored sheets and steel bars, also helped.
In the first six months, Dongkuk Steel logged a net profit of 21.3 billion won, a sharp turnaround from a net loss of 229.1 billion won a year earlier. Sales reached 2.8 trillion won, while its operating profit was tallied at 127.5 billion won.
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