Posco’s net profit skyrockets on higher prices, equity ties

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Posco’s net profit skyrockets on higher prices, equity ties

Posco, Korea’s largest steelmaker by sales, on Tuesday posted a net profit nearly three times higher than a year earlier in the first quarter helped by higher product prices and gains from equity ties with affiliates.

For the three months ending March 31, Posco’s net profit nearly tripled to 976.9 billion won ($857 million) from 338.4 billion won a year earlier.

“Steel product prices increased by 88,000 won per ton in the first quarter [from the previous quarter], boosting the quarterly results. Equity gains from [the steelmaker’s] affiliates also helped,” a company spokesman said.

Steel prices climbed to an average of 671,000 won a ton in the first three months from 583,000 won a quarter earlier and 551,000 won a year earlier, the statement said.

Operating profit 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.

The consolidated earnings results include first-quarter performances of parent company Posco and its affiliates such as Posco Daewoo, Posco Energy and Posco Engineering & Construction. YONHAP
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