Posco's operating profit soars 1,200% in Q2

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Posco's operating profit soars 1,200% in Q2

[POSCO]

[POSCO]

Posco reported operating profit of 2.2 trillion won ($1.9 billion) for the second quarter, a 1,212 percent increase on year.
 
This was Posco’s best performance since 2010 in terms of consolidated operating profit.  
 
The company released preliminary financial results on Friday. Quarterly sales during the same period rose 32.9 percent on year to 18.2 trillion won.  
 
Quarterly net profit was not disclosed. The full audited report will be released on July 22, the company said.  
 
The figures announced Friday surpassed analyst expectations, which were 2 trillion won in operating profit and 17.3 trillion won in sales for the second quarter, according to market tracker FnGuide.
 
The company’s steelmaking business generated 1.6 trillion won in quarterly operating profit compared to an operating loss of 108.5 billion won a year earlier. 
 
Steelmaking sales were 9.3 trillion won, up 57.7 percent on year. 
 
Posco has been profiting from a rebound in the global economy that started late last year. Demand has pushed up steel prices and clients rapidly used up inventory. Chinese rivals, meanwhile, have come under pressure to cut production to meet environmental regulations.  
 
First-quarter results were positive as well: Quarterly net profit jumped 162 percent on year to 1.14 trillion won.  
 
 

BY SONG KYOUNG-SON [song.kyoungson@joongang.co.kr]
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