April 26, 2024
Industrials
POSCO’s Q1 net profit surges threefold
[THE INVESTOR] Korea’s largest steel maker POSCO on April 18 posted a net profit nearly three times higher than a year earlier in the first quarter.
For the three months ended March 31, POSCO’s net profit nearly tripled to 976.9 billion won (US$857 million) from 338.4 billion won a year earlier, the company said in a statement.
“Steel product prices increased by an average of 90,000 won in the first quarter, boosting the quarterly results. Shareholding gains from (the steel maker’s) affiliates also helped,” said a company spokesman.
Operating profit also jumped to 1.365 trillion won from 659.8 billion won during the same period. Sales rose to 15.077 trillion won from 12.461 trillion won, it said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
For the three months ended March 31, POSCO’s net profit nearly tripled to 976.9 billion won (US$857 million) from 338.4 billion won a year earlier, the company said in a statement.
“Steel product prices increased by an average of 90,000 won in the first quarter, boosting the quarterly results. Shareholding gains from (the steel maker’s) affiliates also helped,” said a company spokesman.
Operating profit also jumped to 1.365 trillion won from 659.8 billion won during the same period. Sales rose to 15.077 trillion won from 12.461 trillion won, it said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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