April 19, 2024

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[THE INVESTOR] POSCO, the world’s fifth-biggest steelmaker by output, said on April 24 its first-quarter net profit jumped 11 percent from a year earlier on rising demand and increased shareholding gains.

Net profit for the three months ending on March 31 rose to 1.084 trillion won (US$1 billion) from 976.9 billion won a year earlier, the company said in a statement.

“Rising demand for steel products buoyed the quarterly results. Increased equity gains from PT. Krakatau POSCO, an integrated steel mill in Indonesia, and overseas steel affiliates also helped,” the company said.

Operating profit rose 9 percent to 1.488 trillion won in the first quarter from 1.152 trillion won a year ago. Sales were up 5.2 percent to 15.862 trillion won from 15.597 trillion won during the same period, the company said.

By Song Seung-hyun and newswires (ssh@heraldccorp.com)