April 25, 2024

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[THE INVESTOR] POSCO, the world’s fourth-biggest steelmaker by output, said on Oct. 23 its third-quarter net profit rose 17 percent from a year earlier on shareholding gains from affiliates.

In the third quarter that ended on Sept. 30, net profit jumped to 1.058 trillion won (US$931 million) from 906.6 billion won a year earlier, the company said in a statement. 

“Steel demand in the construction and energy industries was robust in the third quarter. Increased equity gains from PT.Krakatau POSCO (an integrated steel mill in Indonesia) also buoyed the quarterly result,” the statement said.

Operating profit jumped 36 percent to 1.531 trillion won in the third quarter from 1.123 trillion won a year ago. Sales climbed 9.1 percent to 16.41 trillion won from 15.04 trillion won during the same period, it said.

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