POSCO sees 2.8% rise in Q2 operating profit

The nation’s top steelmaker POSCO recorded 12.8 trillion won ($11.2 billion) in total sales and 670 billion won in operating profit in the second quarter of this year, the company said Thursday.

This is respectively a 3.2 percent rise and a 2.8 percent increase compared to the previous quarter. 

The improved performance of the steel, information and communication technology, and material businesses contributed to the rise, despite the slight decrease in sales and operating profits of POSCO E&C and POSCO Energy, it said.

Net profit also jumped by 5.3 percent, nearly the same as in the first quarter.

The holding company of POSCO recorded a 4.2 percent jump in sales to 6.9 trillion won and 22.4 percent surge in operating profit to 712 billion won.

The holding company’s net profit, however, dropped by 30.4 percent to 310 billion won due to the fall of the holding share’s stock price and valuation losses of foreign debt led by exchange fluctuations, it added.

By Lee Hyung-jeong (rene@heraldcorp.com)