Hyundai Steel posted an operating loss for the second quarter in a row. Believing that the impact of Covid-19 on profits will reach its worst level in the second quarter of 2020, the company is forecasting an 8.0% decline in sales in 2020. But the firm's stock should rebound after economic activity picks up after the recession of the Covid-19 crisis.
1Q20 quarterly operating losses continue
Hyundai Steel's preliminary consolidated results show Q1 2020 sales of -8.0% YoY, an operating loss. With booking confirmation. operating losses were observed for the second quarter in a row.
Covid-19 exposure will hit its worst point in Q2 2020.
Hyundai Steel's sales are estimated to decline 8.0% YoY in 2020 to 19.62 million tonnes.
On the assumption of accelerated resumption of operations and visible declining inventories, Hyundai Steel's earnings should improve from 2H 2020.
Hyundai Steel: focus on investments in the second half of 2020
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Azovpromstal® 28 April 2020 г. 12:20 |
