Posco International reports 126 billion won net profit in Q2
Posco International reported 126.3 billion won ($109 million) in net profit in the second quarter, up 39.6 percent on year for an all-time quarterly high.
Revenue was up 62.3 percent to 8.5 trillion won, also a record for a quarter. Operating profit was 170 billion won, increasing 26.5 percent.
Posco International is a trader of steel and grain and produces natural gas and crude oil.
According to the company, a major driver of growth was the increase in steel trading and a rise in raw material prices.
A total of 9.9 million tons of steel products were sold, up 50.7 percent on year. Among its steel products, sales of automotive steel sheets were notable, with 1.2 million tons sold.
"We are aiming to achieve growth by leading development and sales of electric vehicle [EV] components such as EV magnets and half shafts with other local [small and strong businesses], and expanding our business globally," said a spokesperson for Posco International.
Although the production in the company's Myanmar gas field declined during the second quarter, its Myanmar gas field unit managed to report 37.7 billion won in operating profit due to rising gas prices.
“After reporting record revenue in the first quarter, we again posted an all-time quarterly revenue in the second quarter helped by an increase in raw material costs and strong performance in steel trading,” said the spokesperson. “In addition to our steel, energy and agro-resources business, we will also focus on new business projects such as manufacturing ecofriendly materials and EV parts so we can become a global trading company with high, steady performance.”
BY LEE TAE-HEE [email@example.com]