May 08, 2024

• 

[THE INVESTOR] POSCO, the world’s fifth-biggest steelmaker by output, said on July 23 its second-quarter net profit jumped 20 percent from a year earlier on equity gains from overseas affiliates.

In the April-June period, net profit jumped to 636.6 billion won (US$563 million) from 530.1 billion won a year earlier, POSCO said in a statement.

“Increased shareholding gains from PT. Krakatau POSCO and POSCO Maharashtra gave a boost to POSCO‘s second-quarter bottom-line as they achieved record quarterly operating profits,” the statement said.

PT. Krakatau POSCO is a joint venture set up between Indonesian steel company PT. Krakatau Steel and Korean steelmaker POSCO in 2014. POSCO Maharashtra Steel is its cold-rolled steel plant in India.

Operating profit climbed 28 percent to 1.252 trillion won in the second quarter from 979.1 billion won a year ago. Sales rose 7.6 percent to 16.083 trillion won from 14.944 trillion won during the same period, it said.

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